29 pct of Israeli hi-tech companies lay off employees because of COVID-19 pandemic: survey

Most of Israeli hi-tech companies have suffered significantly from the coronavirus pandemic, according to a survey published by the Israel Innovation Authority (IIA) on Wednesday.

A significant increase in the percentage of companies which have laid off employees was recently recorded, from 24 percent in May to 29 percent, the survey showed.

The percentage of companies that placed employees on furlough stands at 39 percent, down from 43 percent in May.

The survey, conducted by the IIA and Israel Advanced Technology Industries (IATI) organization, included 825 hi-tech companies, also showed that about 55 percent of the companies surveyed have stopped hiring, while 45 percent have imposed pay cuts.

However, both figures show a decrease compared to those recorded in May.