General form of registration statement for all companies including face-amount certificate companies

Note 7 - Liability for Employee Rights Upon Retirement

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Note 7 - Liability for Employee Rights Upon Retirement
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Notes to Financial Statements    
Retirement Benefits [Text Block]

NOTE 7: LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT

 

Israeli labor law requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain circumstances. Pursuant to Section 14 of the Israeli Severance Compensation Act, 1963, all the Company’s employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments made in accordance with Section 14 relieve the Company from any future severance payments in respect of those employees. In accordance with the Israeli Severance Compensation Act, severance payments, which are included in salary and employee benefits, were $11 and $25 for the three and six months ended June 30, 2024, respectively and $11 and $16 for the three and six months ended June 30, 2023, respectively.

NOTE 9: LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT

 

Israeli labor law requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain circumstances. Pursuant to Section 14 of the Israeli Severance Compensation Act, 1963, all the Company’s employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments made in accordance with Section 14 relieve the Company from any future severance payments in respect of those employees. In accordance with the Israeli Severance Compensation Act, payments for 2023 and 2022 were $33 and $51, respectively, which are included in salary and employee benefits within research and development expenses (Note 15).