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The Ministry of Finance: 50% of parents do not chose the way of savings child allowances

Only 8 days left to open a savings program for children in the framework of the Israeli national program «the accumulation of each child» («Kishon Le Kohl led»). However, as reported by the press service of the Ministry of Finance, the parents of nearly half of Israeli children are still undecided and did not give the national insurance Institute appropriate orders.

«For the first time the State of Israel transfers the money to its citizens, — said the Finance Minister Moshe Kahlon. — I appeal to parents: choose a savings program for their children, it is extremely important to them. The money in the future your children will be able to pay for higher education, to start their own business. Your children will have more opportunities.»

The program «the accumulation of every child», initiated by Moshe Colona, started five and a half months ago. In this programme, child benefit, payable monthly by the Institute of national insurance («bituah Leumi»), increased by NIS 50, but this amount is not received on the Bank account of the parents, and sent to a savings program of the child. After the age of majority, the child can use the accumulated amount at its discretion.

However, for almost half a year of the program funded programs were open only for 1 million 563 thousand Israeli children. Parents 945 thousand children opened to them the funded programs in pension funds («Kupot gemel»), 618 thousand children were opened savings accounts in banks. But the parents of 1 million 400 thousand Israeli children are still not attended to the choice of the method of savings for them.

In the case that till June 1, the time «bituah Leumi» will not receive orders from the parents, the government will open children «undecided» program funded by choice. For children under 15 years will open the program in pension funds randomly, for children over 15 years — a savings accounts in banks.

In December 2016, when the program «Hishon Le Kohl led» was launched, weekly opened at 60-70 funded programs for children. But then the figure dropped to 20-30 thousand funded in a week. The parents who made the order later, most often chose the savings accounts at banks and less likely to have decided to increase the monthly contribution.

Officially, the program is «the accumulation of every child» was announced about six months ago. According to the results of the competition declared by the Ministry of Finance has elected 9 banks and 12 pension funds.

The Finance Ministry reminds that you can select the program one way:
-On the website of the national insurance Institute (
-Send an SMS with the word «ילד» on the phone 0557000200 and get the link to select
-Call the support center *2637 or 025393700 from Sunday to Thursday from 8:00 to 17:00
-Fill out the form which can be downloaded from the website «bituah Leumi» and send it by Fax or mail.

The Ministry of Finance: 50% of parents do not chose the way of savings child allowances 23.05.2017

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