Morning flights halted at Ben-Gurion, public transit to operate as usual.
Teva has benefited from an estimated NIS 22 billion ($6.2b.) in tax breaks and subsidies from 2006 until today.
Teva's shares rallied on Thursday in response to the proposed cutbacks, rising more than 15% in one day on the Tel Aviv stock exchange, as of 4pm Israel time.
The Petah Tikva-based company seeks to reduce its expenses by $1.5 billion to $2 billion in the next two years.
Why the pharmaceutical giant needs to be bailed out
Stock price at lowest level since 2000
Social Finance Israel, led by Yaron Neudorfer and his team, has dipped its toe into the water.
Once dominant Israeli drug company Teva Pharmaceuticals continues to be battered.
Israeli media assesses that at some 300 employees would lose their jobs.
Teva Pharmaceuticals, Israel’s biggest company, has seen its share price halved as generics eat at its profits, and leveraged buyouts have left it burdened with huge debts.