Bosses to lose, commerce to gain on Election Day

Election day will cost the business sector NIS770 m. in wages, including NIS 200m. lost to the country's industrial employers

kalpee 88 (photo credit:)
kalpee 88
(photo credit: )
Employers expect to lose more than NIS 1 billion, while commerce and services anticipate taking in double their average daily revenue on Tuesday as Israelis take the day off to go to the polls. Despite the paid break and arrangements to compensate some employees for forfeiting a day off, one free day is not enough to damage growth to the economy's product, said Manufacturers Association of Israel Chief Economist Nira Shamir given expectations that any loss of productivity would be made up on the remaining work days and the increased commercial activity, The free day will cost the business sector NIS 770 million in wages, including NIS 200m. lost to the country's industrial employers, Shamir said. Her calculation only considered direct losses due to wage costs, and not damages resulting from closing down factories and businesses for the day, she said. "Many tens" of businesses told the association they had arrived at an agreement with workers to come in Tuesday, "while allowing workers who work on that day to realize their right to vote." The Federation of Israeli Chambers of Commerce said earlier this month that the commerce and services sector expected to take in NIS 1b. on election day, twice the average daily revenue. Increased revenues would be concentrated in shopping centers, chain stores, malls, restaurants and businesses offering special Election Day discounts. The sector also expected to hire temporary workers for the day to boost its work force by about 5%, the federation said.