Zim to cut workforce by 10%

Zim will cut workforce by 70 employees. All employees which will go on early retirement are over the age of 50
 
Zim Integrated Shipping Services Ltd. will cut workforce by 70 employees. It is understood that all employees which will go on early retirement are over the age of 50.
 
Trade union member said last week that Zim employees had thought that management would seek the retirement of employees over the age of 55, and were taken by surprise when the cut off was lowered to 50 - 17 years below the mandatory retirement age.
 
The company has 700 employees in Israel, and it is cutting its workforce by 10%. The early retirement was included in the special labor contract signed between management and the workers committee.
 
The reduction in workforce is one of Zim's management numerous cost-cutting measures to cope with the slump in global shipping.
 
The carrier, ranked seventeenth in the world, has laid up20 container ships, accounting for just over 20% of its fleet capacity in TEUs, and expects to idle more vessels through 2009. It plans to return chartered ships when they come off hire.