News Briefs

  Cheshvan 26, 5769 , 24/11/08

High Tech Layoffs Expected to Reach 9,000

More than 9,000 workers will be laid off in the high technology industry in the coming months, according to a survey of 50 companies reported Monday morning by Voice of Israel government radio. Seventy percent of the firms surveyed said they expected to discharge employees.


One company executive explained that the lack of credit and the relatively strong shekel that has hurt exports are two of the reasons for expected layoffs. The shekel-dollar rate has moved up from 3.20 to 4.02 in less than six months but still is far below the 4.50 rate of three years ago.

Other archived news briefs:Nov 24 2008, 06:44 AM, 11/24/2008