BREAKING NEWS

Israel’s economy expected to be hit with 2,000 layoffs in hi-tech

JULY 2, 2020 20:03

The start-up nation is about to face an unprecedented wave of lay-offs in the hi-tech sector, reaching 2,000 unemployed people this summer, Ynet reported.

Magic Leap fired 50 workers and Zerto 200 workers, while other companies reduced salaries of workers by 20%. Other layoffs are expected to take place in the insurance and banking industries.

The massive layoffs are likely caused by the coronavirus.

The Israel Central Bureau of Statistics reported one million jobs were cancelled in April and some lines of work, such as tourism and hotels, were nearly wiped out due to travel restrictions.

El Al, one of the most iconic aviation firms in the country, is in discussion with the government over a possible rescue package and halted all flights on Wednesday.

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