Cellcom store
Cellcom storeLior Mizrahi/Flash90

Cellcom, one of Israel's major cellular service providers, will begin mass layoffs after the fall holidays, Calcalist reported.

The layoffs, expected to end next year, will affect 500-600 employees, or 20% of the company's 3,000 employees.

The move comes as part of an efficiency plan, and is expected to save the company 150 million shekels ($42,738,750) annually.

Meanwhile, Cellcom employees have stopped their work and are now holding meetings in the company's headquarters, and the company has declared a work dispute.

Cellcome, headed by Ami Ariel and Nir Stern, was worth 1.63 million shekel ($464,517) at the end of 2019's second quarter, and has lost 67% of its value since the beginning of the year.