At a special meeting on the dollar, the Ministry of Finance suggested that high-tech representatives reduce their salaries

The meeting was attended, among others, by the CEOs of Meta Israel and Microsoft R&D, and the heads of the Bessemer and Glilot venture funds.

As Globes reports, among the solutions discussed during the meeting was the Ministry of Finance’s proposal to reduce wages in the industry as an alternative to staff reductions. This proposal was rejected by high-tech representatives, who said that the era in which this was possible had passed, and good specialists would simply go to competitors.

In turn, the Ministry of Finance rejected such initiatives as concessions on municipal tax and changes in tax credits.

The ministry is ready to consider a format for paying taxes in dollars instead of shekels, but not for the entire industry, but for individual technology giants and Israeli “unicorns.”

In general, for the industry, the main option under discussion is the creation of a grant fund under the Innovation Directorate for small and medium-sized companies.