EY Israel to lay off several dozen

Ernst & Young Israel

Israel's largest accounting firm is recalling 350 staff from unpaid leave on July 1 but there will also be layoffs.

Due to the Covid-19 crisis, EY Israel financial consulting and accounting firm (Ernst & Young - Kost Forer Gabbay & Kasierer), the country's largest accounting firm, has confirmed that it is to lay off several dozen employees. EY Israel is part of EY, one of the world's Big Four accounting firms.

In March, when the Israeli economy went into government enforced lockdown, EY Israel's management announced that all the firm's partners were taking a cut in remuneration and some employees were sent on leave until at least the end of April while the entire staff were put on collective Passover vacation until April 19 as part of their annual leave.

At the time management said, "These measures are required in order to cope with a difficult and changing reality and they will allow the firm to get through the tough and challenging months but it cannot be ruled out that further steps will be needed later on according to developments."

Now those "developments" have arrived and it has become clear that the firm cannot continue employing all of its staff and will be compelled to lay off dozens of employees.

EY Israel said, "At the start of July all employees on unpaid leave (about 350) will return to work. However, due to the changes that have taken place during this period, we are implementing a number of work force adjustments as part of which we will be forced to lay off a few dozen of the firm's employees in various departments and units. Of course, we will continue to ensure providing our clients with the best professional services, as we have always done."

Published by Globes, Israel business news - en.globes.co.il - on June 28, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ernst & Young Israel
Ernst & Young Israel
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