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Raising the retirement age of women delayed again

The Finance Committee of the Knesset for the sixth time voted to postpone the entry into force of the law on raising the retirement age for women till January 1, 2018.

According to the website The Marker, before the start of the Commission meeting its head, Moshe Gafni, said that the Commission’s own bill to block raising the retirement age, if the Ministry of Finance will not be a solution for women who were dismissed in the pre-retirement age.

In December 2016 the Finance Committee of the Knesset decided to postpone for seven months of the date of entry into force of the law on raising the retirement age for women from 62 to 64 years, which was to come into force automatically on 1 January 2017. The postponement was adopted in order for MPs and the Ministry of Finance could develop a package of measures which would accompany the increase in retirement age.

Recall that a special Commission under the Ministry of Finance, which included representatives of the budget division and the division for control over the capital market in the Ministry of Finance, Bank of Israel, national insurance Institute, the National Council for the economy, organizations, NAAMAT center «ADVA», the Industrialists and the representatives of the Academy, submitted their recommendations on this issue at the end of September last year.

At the moment, the average age of life expectancy for Israeli women was 86.2 years. This means that the average woman lives on a pension of more than 24 years, and forced to live in poverty because her pension savings is substantially lower than that of men. In most developed countries the retirement age for women equalized with the retirement age of men. The exception is Poland, Chile (5 years difference, as in Israel), Austria, Slovenia (2 years difference) and Switzerland (1 year difference).

Raising the retirement age of women delayed again 26.06.2017

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