42,000 people lost their jobs in Israel in the past three months, representing an increase of 7,000 as compared to the same time period a year ago. The 20% increase in unemployment is attributed to the growing global economic crisis.
Yossi Farchi, who heads the nation�s unemployment services, explains 2007 was a year with 2,000 less people registered for benefits as compared to 2006. He also points out that based on ?the experts� there are many more who have lost their jobs but have yet to make their way to unemployment offices.
An estimated 2,500 of the 7,000 newly unemployed were working in small businesses hit by the crisis, explaining large factories may implement firings but there is usually a cash reserve that will permit the business to continue. In the case of small businesses, this is not so.
"When large businesses stop buying from the smaller ones, they will be compelled to shut down. I believe this cycle will continue for sometime and many more people employed in small businesses will lose their jobs,? Farchi explains.
He feels they may be hundreds, or even a larger number of people who simply are unaware of their rights are or they are too embarrassed to apply for unemployment assistance.
(Yechiel Spira � YWN Israel)
http://www.theyeshivaworld.com/article.php?p=26327
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