Intel Israel has laid off dozens of employees, the country’s largest private-sector high-tech employer showed on Thursday, as it sought to deal with the company’s global currency problems.
Intel Israel resources told Hebrew media on Thursday that the layoffs have occurred in recent weeks and constitute a fraction of the company’s 14,000 employees in the country.
However, due to a directive from Intel’s headquarters in the fall that called on all industries to cut expenses, there are fears that more layoffs will occur.
The layoffs have taken position in several departments as the company closes projects, according to the business daily Calcalist.
In addition to the layoffs, other Intel Israel workers have been presented with unpaid retirement or leave packages. Channel 12 said thousands of others are expected to receive such packages without naming a source.
“In reaction to market situations and macroeconomic changes, Intel Global is taking steps to reduce spending through billions of dollars over the next 3 years, adding more effective team sizes and restricting worker recruitment. This will result in relief worldwide, adding in Israel,” the company said in a statement.
Intel Israel has a PC chip production plant at Kiryat Gat and R centers
With higher wages and exorbitant profits, Israel’s high-tech sector has hurt more and more records in recent years, with some observers warning of a bubble in the market given the investment frenzy and dizzying valuations.
These tests have proven to be accurate, as the sector is one of the hardest hit by the current inflation crisis.
Public broadcaster Kan reported that 3000 high-tech employees were laid off in the first 3 months of the year, and Channel Twelfth said another 2800 were laid off in June and July.
Earlier this week, domestic sparkling water device maker SodaStream laid off 120 employees, mostly at its factory in southern Israel, as demand for its products declines again before COVID.
Earlier this month, Isracard announced the layoff of 250 employees, or 12% of its workforce, while Israel’s largest credit card company also embarked on a plan to optimize pricing and operations.
Do you depend on The Times of Israel for accurate and insightful facts about Israel and the Jewish world?If so, sign up for The Times of Israel community. For as little as $6 a month, you:
That’s why we introduced The Times of Israel ten years ago: to provide discerning readers like you with the must-have politics of Israel and the Jewish world.
So now we have a request. Unlike other means, we have not established a paywall. But because the journalism we do is expensive, we invite readers for whom The Times of Israel has become vital to help our paintings join The Times of Israel community.
For just $6 a month, you can help our quality journalism while enjoying The Times of Israel AD-FREE, and access exclusive content only for members of The Times of Israel community.
Thank you, David Horovitz, founding editor of The Times of Israel.
&