Teva pharmaceuticals, which has been given just about every tax break the government offers and more, amid the explanation the company must continue receiving incentives to keep it in Israel since it employs so many. Now, as CEO Kare Schultz realizes the company is ailing, the announcement was made the company is ousting 20% of its worldwide workforce, including over 1,000 of its 6,000 employees in Israel. It is part of laying off 7,000 of its 60,000 employees worldwide.

Globes quotes MK (Machane Tzioni) Yitzchak Shmuli, who responded, “”Teva teaches Israeli society a lesson in greed. How can a company receive NIS 6 billion in tax breaks from the State and in exchange fire hundreds of its workers? A crisis of this scale requires cooperation and agreements with the employees and no unilateral and coercive actions.”

Shmuli is correct as Teva has actually been let off the hook for a staggering six billion shekels in taxes, all to keep the CEOs smiling to they remain in Israel. One can only wonder how many unemployed Israelis could receive substantial assistance if the six billion was paid.

(YWN – Israel Desk, Jerusalem)