Bank Hapoalim Employees Reach New Collective Agreement

The Histadrut, the Bank Hapoalim employees’ committee, and the management of the bank have reached a new collective agreement that will guarantee significant wage increases and bonuses for about 6,000 of the bank’s employees.

The new agreement, which will be in effect until the end of 2027, includes a gradual salary increase throughout the duration of the agreement in a total amount of NIS 750-1,000. A signing bonus in the amount of two salaries will be granted in two installments, one which was implemented immediately upon signing the agreement, and the second installment at the beginning of 2024. Employees that work in the branches of the bank will receive an additional fixed annual bonus of NIS 1,500, alongside a series of additional benefits that include expanding the horizon of promotion through the opening of additional ranks in the business departments.

Additional improvement in conditions and benefits for employees include 220 new permanent positions for temporary workers, joining about 40 permanent positions issued at the beginning of 2023. Additionally, it was agreed that workers will be reimbursed for the hours of the demonstration and strike that took place as part of the fight for the workers’ wage agreement and occupational security. According to the agreement, the workers will receive a full refund for the hours of the demonstration and a 50% refund for the hours of the strike.

Histadrut Chairman Arnon Bar-David said: “I welcome the agreement, which is the result of long and determined negotiations, and the achievements that the workers will see not only in the form of an improvement in wages, but also in occupational security.”

“The joint effort bore fruit and we are happy to bring the news today after many months of negotiations,” said the chairman of UCAPSE, attorney Gil Bar-Tal. “The agreement anchors within it an improvement in the terms of employment and establishes the future of Bank Hapoalim.”

Head of the Banks Division of UCAPSE, attorney Menachem Malik said: “The agreement embodies a proper and respectful reward for the working public for its notable contribution to the bank’s achievements that were recently presented. I find it a pleasant duty to note the close cooperation between the Histadrut and the workers’ committee all along the way, emphasized again that the Histadrut is indeed the home of the workers.”

“At the end of a long and determined journey, today we signed an excellent wage agreement for thousands of Bank Hapoalim workers,” said Chairman of the bank ‘s workers’ committee Roni Garfunkel. “This agreement guarantees them job security alongside increased financial allowances.”

The new collective agreement is a significant victory for the bank’s employees and a testament to the power of collective bargaining. It is a win-win for both the employees and the bank, and it will ensure that the bank remains competitive in the years to come.