ACCRUED SEVERANCE PAY
|9 Months Ended|
Sep. 30, 2021
|ACCRUED SEVERANCE PAY|
|ACCRUED SEVERANCE PAY||
NOTE 16 – ACCRUED SEVERANCE PAY
EYME’s employees are all based in Israel. Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. All of the employees of EYME elected to be included under section 14 of the Severance Pay Law, 1963 (“Section 14”). According to this section, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments (under the above Israeli Severance Pay Law) in respect of those employees; therefore, related assets and liabilities are not presented in the condensed consolidated balance sheet.
Total expenses related to severance pay amounted to $29,191 and $84,223 for the three and nine months ended September 30, 2021. Total expenses related to severance pay amounted to $23,838 and $58,601 for the three and nine months ended September 30, 2020.