Benzinga | Dec 14, 2021 10:31AM EST

Partner Communications Announces Entry Into New Collective Employment Agreement For Additional 3 Years

Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ:PTNR) (TASE: PTNR), a leading Israeli communications operator, announced today that the Company, the employees' representatives and the Histadrut New General Labor Organization (the "Parties") have signed a renewal of the collective employment agreement initially executed in 2019 and ending on December 31, 2021, for an additional period of three years, with certain changes, at a cost that is immaterial for the Company (the "Collective Employment Agreement").

Under the Collective Employment Agreement it was agreed, among others things, on a salary increase budget for 2022, in the amount of 3%, to be differentially allocated. In addition, the Parties agreed to negotiate at a later time a salary increase and participation in the Company's profits mechanism for the years 2023- 2024.

For further information please see the Company's Annual Report on Form 20-F for the year ended December 31, 2020 -- "Item 3. Key Information - 3D.2j - The unionization of our employees has negatively affected and may continue to affect our financial results" and "Item 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES - 6D. Employees".