The Israel Innovation Authority (IIA) has approved funding for two programs to help citizens find employment and integrate into the Israeli tech sector during the ongoing COVID-19 health crisis.
The two incentive programs are called the Human Capital Fund and the Emergency Training Program. Launched at the peak of the financial crisis caused by the pandemic, the programs aim to help job seekers with training and placement, an IIA statement said.
Applications to both programs were submitted by 180 organizations with a budget requirement of NIS 750 million (USD 234 million), the IIA said. Sixty-two organizations were chosen to receive an overall grant of NIS 139 million (USD 43 million) for the training and placement of 9,000 people.
The Human Capital Fund was launched to increase the number of those employed in Israel’s high-tech industry. It focuses on increasing the participation of underrepresented groups in Israel’s high-tech industry.
“The Israel Innovation Authority considers the new human capital programs an important act of cooperation between industry, training organizations, and government ministries,” said Anya Eldan, VP of the Israel Innovation Authority. “The programs will increase the number of new high-tech employees by tens of thousands and bolster Israel’s digital transformation, as well as provide a rapid response to unemployment. The job market is changing, and innovative and rapid training will increase the number of employees in Israeli industry as well as open doors to additional professions, promoting high-productivity employment opportunities.”
The Emergency Training Incentive Program is a response to the severe unemployment crisis in the wake of the COVID-19 pandemic. The IIA, the Training Administration at the Israel Ministry of Finance, and Ministry of Economy launched the program to help companies and organizations train underrepresented populations in the tech industry, including women, minorities, and the ultra-Orthodox for the high-tech sector. It will receive USD 37 million and account for 6,000 of the positions filled by 26 training providers and 19 employers.
Research conducted in December 2020 by the Aaron Institute for Economic Policy estimates that the financial crisis caused by the pandemic resulted in job losses for about 57,000 people with high potential for integration into tech professions in Israeli industry, the IIA said.
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.