Historic Agreement at Phoenix: First-of-its-Kind RSU Plan Signed with the Histadrut

A landmark collective agreement was signed today between the Histadrut, the Phoenix Insurance Workers’ Committee, and the Phoenix Group management, marking a historic first in Israel’s insurance industry: the introduction of a Restricted Stock Units (RSUs) program for employees.

The agreement, signed in the presence of Histadrut Chairman Arnon Bar-David, Phoenix Group CEO Eyal Ben-Simon, and other senior executives and labor representatives, applies to approximately 2,500 employees and will remain in effect until the end of 2027.

Key Terms of the Agreement:

• Restricted Stock Units (RSUs): Eligible employees will receive shares in the company—a first in the Israeli insurance sector.

• Wage Increases: Salary raises totaling approximately NIS 30 million across the agreement period.

• Annual Bonus: Up to two monthly salaries based on goal achievement.

• Minimum Wage Update: A gradual increase to NIS 7,500 by the end of the agreement.

• Social Security Support: Employer contribution raised to NIS 880/month, with unused funds rolling into wages.

• Relocation Framework: A formal agreement for the transition of all employees to the new Phoenix campus in Rishon LeZion, featuring state-of-the-art workspaces.

Leadership Reactions:

Arnon Bar-David, Histadrut Chairman, praised the agreement as “a groundbreaking move” for Israel’s labor market:

“Granting shares to employees is not only symbolic—it’s a strategic trust-building move. This agreement improves employment conditions and solidifies Phoenix as a leading workplace in the industry.”

Orly Pascal, Phoenix Deputy CEO and Head of Human Resources, emphasized the strategic value:

“This agreement strengthens our excellent labor relations and ensures that our employees are true partners in our success.”

Gil Bar-Tal, Chairman of the Histadrut HaMof, echoed the sentiment:

“This agreement enhances employment security and demonstrates the management’s confidence in its employees. It’s a model for other companies to follow.”

Oren Shmidov, Chairman of the Phoenix Workers’ Committee, reflected on the complexity of reaching the deal:

“Signing such a transformative agreement during a time of national conflict was no small feat. We succeeded in securing tangible benefits and recognizing the dedication of Phoenix employees, including groundbreaking equity grants.”

Participants and Negotiators:

On behalf of the Histadrut and employees:

• Adv. Shmuel Moshe (Secretary, National Professional Union)

• Adv. Gali Steinberg (Legal Bureau, Histadrut)

• Omri Singer (Head of Collective Agreements, Economics Division)

• Idan Or (Head, Insurance and Finance Division, Histadrut HaMof)

On behalf of Phoenix:

• Adv. Meni Ne’eman (Deputy CEO, Chief Legal Advisor)

• Orly Pascal (Deputy CEO, HR Director)

• Adv. Sigal Peil

Looking Forward

This deal positions the Phoenix Group as a trailblazer in employee equity participation within the Israeli financial and insurance sectors. It also sets a new standard for labor relations, integrating financial inclusion, workforce stability, and long-term strategic alignment between employees and management.