According to the chief economist of the Ministry of Finance, the percentage of lost working hours between the second and fourth quarters of 2020 amounted to 8.2% of the total working hours. The percentage of lost working hours in Israel between the second and fourth quarters of 2020 accounted for 8.2% of total working hours, according to the chief economist at the Finance Ministry. The Ministry of Finance adds that the percentage of lost working hours in the Organization for Economic Cooperation and Development was 7.6% and in the European Union 6.8%, which means that Israel was the most affected in terms of unemployment than most developed countries due to the Covid crisis. Israel ranked 16th out of 27 countries in the Organization for Economic Cooperation and Development in terms of the percentage of hours worked. The chief economist at the Finance Ministry also found that the Covid pandemic has caused much more unemployment than the recent economic crises in Israel. The level of employment in Israel decreased by 7.9% in 2020 compared to 2019, while it decreased between 2000 and 2003 (the second intifada and the bursting of the dot.com bubble) by only 1.7%, and in 2009 after the sub-prime crisis. The crisis decreased by only 0.9% from 2008. The chief economist at the Ministry of Finance did not find any strong evidence to suggest that the Israeli government’s policy of payments to those on unpaid leave, which has resulted in Israel being hit hard by Covid-19 in terms of unemployment. “At least in theory, there should not be a significant impact on the total number of hours in the short term, when there are claims in both directions about the effect, if any,” the report said. Published by Globes, Israel business news – en.globes.co.il – June 9, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021 Employment Office, Tel Aviv / Photo: Cadya Levy, Globes
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