Israel Discount Bank boosts early retirement plan to 500 workers

Credit: REUTERS/BAZ RATNER

Israel Discount Bank said on Tuesday it was expanding its early retirement programme by another 200 workers at a cost of 367 million shekels ($108 million).

JERUSALEM, Oct 20 (Reuters) - Israel Discount Bank DSCT.TA said on Tuesday it was expanding its early retirement programme by another 200 workers at a cost of 367 million shekels ($108 million).

Discount, Israel's fourth-largest bank, in August had offered early retirement to 300 employees at a cost of 553 million shekels.

It said in a regulatory filing in Tel Aviv that under the plan, 70% of eligible workers aged 50-66 would retire by the end of 2020, with the rest next year.

Discount said it would post a 140 million charge in its fourth-quarter earnings.

The bank said it will seek approval from the banking regulator.

($1 = 3.3885 shekels)

(Reporting by Steven Scheer; Editing by Tova Cohen)

((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer))

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