EMPLOYEE RIGHTS UPON RETIREMENT

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE RIGHTS UPON RETIREMENT

NOTE 6 - EMPLOYEE RIGHTS UPON RETIREMENT

Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances.

Pursuant to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company’s employees covered under this section are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies. Payments in accordance with section 14 of the Israeli Severance Pay Law, 5723-1963 relieve the Company from any future severance payments in respect of those employees. The amount of cost recognized for defined contribution pension plans and for other defined contribution postretirement benefit plans recorded for the years 2023, 2022 and 2021 are $1,098, $1,065, and $876, respectively.

Foresight Autonomous Holdings Ltd.

Notes to the consolidated financial statements

(Dollars in thousands, except per share data)