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Update of the retirement age for women, to 65, approved by the Finance Committee - Walla! Of money

2021-10-22T04:41:07.134Z

The Knesset's Finance Committee approved the updating of the retirement age for women, to the age of 65, for a second and third reading. The bill introduced many benefits designed to facilitate the move



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The update of the retirement age for women, to 65, has been approved by the Finance Committee

The Knesset's Finance Committee approved the updating of the retirement age for women, to the age of 65, for a second and third reading.

The bill introduced many benefits designed to facilitate the move, but the question is whether its deployment over no less than 11 years will indeed catch up with the growing gap between life expectancy and the number of years of work

Tags

  • pension

  • Finance Committee

  • retirement age

Sonia Gorodisky

Friday, 22 October 2021, 07:04 Updated: 07:24

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The Finance Committee approved the law to reduce gender gaps in the labor market and to raise the retirement age for women, within the framework of Chapter E of the Arrangements Law.

Under the bill, the retirement age for women from age 62 to age 65 will be raised, over 11 years.



According to the committee's announcement, the various measures set out in the law that will enter into force in January 2022 "were benefited by the committee and the Knesset members who dealt with the issue, in order to prevent harm to women due to raising the retirement age," but the question is whether For the longer life expectancy, as a reasonable concern is that until all the planned measures are implemented, it will be necessary to update the retirement age upwards again: the number of years between retirement age and the average life expectancy in 2033 may be greater than it is today.

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Retirement age for women: Approaching the retirement age for men (Photo: ShutterStock)

The cost of the benefits: NIS 1 billion

Among the steps improved by the committee, before the law moves to a second and third reading:



Doubling the supplement to the work

grant - A work grant is an income supplement paid by the Tax Authority to low-income employees and the self-employed. The purpose of the grant is to incentivize labor market participation, support low-income workers and reduce socio-economic disparities.



Raising the retirement age of women may have a negative effect on older women seeking to enter the labor market, in order to provide appropriate responses to these women, the law provides, along with additional measures, to increase the amount of work grant and expand the grant-eligible income range for women aged 67-60.



The total cost of expanding the grant as approved by the government was NIS 130 million, and the agreement with the Knesset members doubled the budget for this step and set it at NIS 260 million.



Extension of unemployment benefits

- The maximum entitlement period for receiving unemployment benefits for women over the age of 60 will be extended by 125 days from 175 days to 300 days, in order to allow women to advance their retirement period without being harmed financially. The agreement with the Knesset members also stipulates that a woman who leaves the labor market before the age of 60, from the age of 57 and up, will receive a 7-month unemployment benefit, similar to any person who leaves the labor market, for another 5 months with a ceiling of up to NIS 4,000 per month.



In order to address other population groups that may be harmed, a

huge increase

will be given in addition

to raising the retirement age

by up to NIS 4,000 for women who are not working and are not on their own initiative, between the ages of 62 and 62 and 4. Months. entitled to will fall short of their right, and that they could extract it to meet the two years.



increasing H"disrigard "women over the age of retirement

- the amount of NIS 6,000 is the sum of 7,750 shekels.



Assistance for income support recipients

- in the amount of NIS 700 per month for a period of up to 18 months for women who reach the age of 62 in the coming years.



In addition, the committee demanded that women over the age of 62 who were denied entitlement to an old-age pension in view of raising the retirement age would be entitled in the next 4 years to some of the benefits associated with the pension: discount on electricity, water, medicines, property taxes and transportation.



In addition, at the request of Knesset members and committee members, the state budget stipulates that NIS 82.5 million be allocated each year to finance vocational training for women aged 50 to 67.



It is also stipulated that For gender equality in the Knesset, which will detail the effect of the change in retirement age on the income of women whose retirement age has been postponed,



Data on the participation of these women in the labor market, the need of these women for pensions paid by the National Insurance Institute, as well as on the subject of vocational training, and the extent of women's participation in the labor market after participating in training, and data on changes in the poverty index.

In addition, it was determined that the Finance Committee will hold a discussion regarding the data submitted to it, once a year.



During the discussions, it was shown that the

total cost of the tools is close to one billion shekels

, with hundreds of millions derived from the benefits (or "improvements", as the announcement is made) made in the Finance Committee and the Knesset.

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Source: walla

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