Immediate Report -Collective agreement for DBS Satellite Services (1998) Ltd.
Immediate Report - Collective Agreement for DBS Satellite Services (1998) Ltd.
Further to the description in section 5.11.3 of the chapter on Description of the Company's Businesses in the Company’s Periodic Report for 2020 concerning collective arrangements with respect to employees of the subsidiary, DBS Satellite Services (1998) Ltd. (“yes”) and concerning the labor dispute announced by the General Federation of Workers, inter alia, with regard to the intended organizational restructuring, including change of ownership of the Company (as also noted in the Company's immediate report dated December 3, 2019), the Company is hereby pleased to report the following.
On the evening of August 11, 2021, yes signed a new collective agreement with the General Federation of Workers and the Workers’ Committee of yes. The agreement contains amendments to the noted agreements, and will be in effect as of January 1, 2022 through December 31, 2024. Under the new collective agreement, among other things, wage increases and bonuses will be granted, ancillary benefits will be improved, a retirement plan was agreed upon, and the labor dispute declared by the General Federation of Workers was lifted once it was explained that yes management intends to merge Bezeq International into yes. The parties agreed to maintain labor stability throughout the term of the agreement on all matters settled therein. yes estimates the additional cost due to the collective agreement to amount to NIS 55 million cumulative for the entire term of the agreement.
yes estimates regarding the additional cost of the collective agreement are forward-looking information, as defined in the Securities Law, which are based, among other things, on its assumptions regarding the manner and scope of implementation of the retirement plan and other conditions set out in the agreement. These estimates may not materialize, or may materialize differently from those anticipated, inter alia, depending on the manner and scope of implementation of the agreement and of the retirement plan, while taking into consideration yes needs and its ability to realize its plans and meet the additional conditions set out in the agreement.
“Bezeq” The Israel Telecommunication Corp Limited
The above information constitutes a translation of the Immediate Report published by the Company. The Hebrew version was submitted by the Company to the relevant authorities pursuant to Israeli law, and represents the binding version and the only one having legal effect. This translation was prepared for convenience purposes only.