PayPal lays off dozens of employees in Israel as part of efficiency plan
International payments giant PayPal has announced a significant cost-cutting plan, which includes the layoff of many employees worldwide. The move is part of a global efficiency program led by the company's new CEO, aimed at reducing expenses and aligning the company's operations with the current economic climate.
As part of the plan, the company is expected to cut approximately 20% of its global workforce. As part of this move, the company's centers in Israel are also affected by the changes, with dozens of employees expected to finish their employment at the company in the near future.
The decision to lay off employees comes after a period in which many technology companies globally and in Israel have carried out similar cuts. The goal of the move is to make the company more efficient and to focus on core areas of operation, against the backdrop of increasing competition in the digital payments market.
Employees affected by the move in Israel will receive support from the company during their termination process. As of now, PayPal's management has not provided further details regarding the long-term impact of the cuts on the company's business operations in the country.