Tel Aviv Stock Exchange: union overtime ban forces trade to end three hours earlier

Following a declaration on Thursday (March 6th), the Tel Aviv Stock Exchange workers` union has declared an overtime ban. This has resulted in management closing down trading three hours early for two days straight.

Submitted by Tojiah on March 10, 2008

The ban took effect on Sunday (March 9th), and has been maintained on Monday (March 10th) as well. This step is a direct response to current conditions, which preclude overtime pay from counting into workers` pension plans. In order for the stock exchange to properly close trading, TASE management has been forced to limit trade until around 14:15 rather than the usual 17:30 closing time, so that clearing can reasonably conclude by 15:30, avoiding the need for employees to enter overtime to begin with, and obviously lowering their monthly salaries as a result.

This comes after a full-fledged strike planned for February 28th was canceled, and yet negotiations with management are still deadlocked over the same union demands: an unconditioned 3.5% salary increases across the board and inclusion of indirect employees into the group contract.

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UPDATE: TASE closes early again on Tuesday (March 11th)