Hamas proposes job cuts to avert financial collapse

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Hamas proposes job cuts to avert financial collapse
By Wafa Amr

RAMALLAH, West Bank (Reuters) - Palestinian Finance Minister Omar Abdel-Razeq proposed on Wednesday cutting thousands of government workers and selling off government investment assets in a bid to avert financial collapse.

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Abdel-Razeq proposed firing around 11,500 employees who do not regularly show up for work, and retiring another 5,000, moves that could increase tensions because most of those affected are members of Palestinian President Mahmoud Abbas's Fatah faction.

According to Palestinian law, workers over the age of 60 must retire.

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He also asked the Palestinian Legislative Council for approval to sell off the remaining government assets from the Palestine Investment Fund, which Abbas controls.

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