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Employees are entitled to yearly paid vacations of from 2 to 4 weeksdepending on length of employment. They are also entitled to a recreationalallowance based on length of service.Severance Pay and Pension FundsEmployees are entitled to severance pay on dismissal or reaching retirementage (67 for men and 64 for women) but not on voluntary resignation. Howeversome employers are required to pay severance pay on resignation underterms of specific labor agreements.Severance pay amounts to one month’s salary for every year of employmentbased on the last month’s salary received. Many employers provide for this bymonthly payments to a provident fund.In addition, most employers are required by labor agreements to makemonthly payments to pension funds, at the rate of 5% of salaries, foremployees’ retirement pension.Sick Leave:Employees are entitled to paid sick leave.Education Fund:Some employers make provision for the ongoing education of senior andacademic employees by monthly payments, at the rate of 5 - 7.5 % ofemployees’ salaries, to a provident fund.For more info please visit our site: www.dglaw.co.il