El Al, the Israeli airline, will be allowed to make a multi-million-dollar withdrawal from its employees’ pension fund, in an effort to help the beleaguered airline through the COVID-19 pandemic.
The Tel Aviv District Labor Court approved the $30 million transaction Sunday, characterizing the money as surplus funds.
El Al employees had sought to block the move.
The pension fund was established to protect airline employees when El Al was privatized years ago. Most of the workers who are entitled to the funds have already retired. Money for the remaining employees has been deposited in personal pension funds.
Meanwhile, J Post reports that El Al is about to begin operating humanitarian cargo flights, carrying equipment to fight the coronavirus, from the Chinese city of Wuhan to several major European cities via Israel.
The coronavirus first emerged in Wuhan late last year.
