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The Knesset approved the first part of pension reform

On Monday, the parliamentary Commission for labour and welfare approved the first part of the reforms to improve the standard of living of retired people, reported the press service of the party «Israel Our home».

The first step in its implementation will be the abolition of restrictions increase in old-age benefits depending on seniority in Israel. It put immigrants in obviously unequal conditions with old-timers and natives of the country. Currently, 2% of allowances for each year of service will be credited only with 11 years of work. Enter the reform put an end to this injustice: a 10-year quarantine is lifted, a 2-percent surcharge to benefit will accrue from the first year of service retroactive. Thus, older people who failed to gain enough experience since January of 2017 will receive an increase to the retirement benefit.

In addition, at the request of the faction Yisrael Beiteinu and in accordance with coalition agreements, the existing legislation will be amended to increase the ceiling of earnings of working pensioners, in which they retain the right to social allowance and related benefits.

In addition, elderly people who received in the framework of the reform and increase beyond the statutory permitted income will not be excluded from the social allowances and all associated benefits.

According to the Deputy of the Knesset from the party «Israel Our home» Oded forera, a member of the Commission, was today corrected a historical injustice and restored equality between immigrants, old-timers and natives of the country.

«This will improve the standard of living of a significant number of elderly people in Israel. When we were in coalition negotiations, he set a goal: to achieve a guaranteed minimum income for pensioners — and this is the first step in this direction. Thanks to all supplemental appropriations, total amount of which reaches in the next 4 years to 1.9 billion shekels a year, we will be able to help many elderly to get out of poverty,» said Oded Forer.

The Knesset approved the first part of pension reform 14.11.2016

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