Cellcom cuts company car perks
Managers will pay NIS 650 a month for their company cars.
26 July 12 14:46, Gad Perez andHillel Koren
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Sources inform ”Globes” that mobile carrier Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) has notified managers to pay NIS 650 a month for their company cars. The measure will not affect employees or managers who work in the field, but only managers who have company cars as a perk.
Cellcom said, “Like other companies, Cellcom is seeking to cut car and fuel costs, in view of the sharp rise in travel costs in recent months. The company has therefore decided that a limited group of managers will bear the minimum payment for participating in car costs. The company makes it clear that field workers in service, sales, technicians, and so forth, will not bear the monthly vehicle participation cost.”
Cellcom’s share price rose 4.5% by mid-afternoon on the TASE today to NIS 21.89, after rising 2.3% in New York yesterday to $5.26, giving a market cap of $523 million.
Published by Globes [online], Israel business news – www.globes-online.com – on July 26, 2012