Catherwood LibraryILR School

In the wake of Teva Pharmaceutical’s plan to lay off 1,700 Israeli workers— a quarter of the country’s entire workforce— the Israeli government is not considering punitive measures against the company. Instead, leaders will work with Teva, one of the country’s few multinational corporations, to reduce layoffs as much as possible. The government has already dealt out billions in tax breaks to Teva, and there is widespread animosity toward the company as employees are bracing to pay the price for top-management errors. An official close to Prime Minister Netanyahu said that the government understands the financial predicament that Teva is in. Despite claiming that Netanyahu takes a free market approach, the anonymous source revealed that officials plan to meet with CEO Kare Schultz later this week, presumably to discuss further government assistance.