The retirement age in Israel is 67 for men and 64 for women, with the exception of law enforcement agencies, who benefit from a special regime. The issue of retirement age arises especially for women; On average, she will live four years longer than the man, but she will retire five years before him. Because the amounts received are small, there are now supplementary pension funds to which the employee and the employer contribute. For example, the majority of Israelis today contribute to private savings funds that benefit from certain tax advantages (the „Keren Pensia“ – Compulsory Pension Fund for Employees; the „Coupat Guemel“ – Savings Bank and the „Bitoua`h Menahalim“ – Executives` Fund). These three funds benefit from tax advantages, but are only available after a certain predefined period of time. On the other hand, the contribution period is quite short. An Israeli must have contributed 12 years before the legal retirement age, while a new immigrant must only contribute 5 years before the legal age to receive the bonus. Here are 5 reasons to raise the retirement age for women in Israel: All Israeli residents from the age of 18 to retirement age are insured. The retirement age varies depending on the date of birth.
In 2021, it says: If the contribution received is linked to the amount of income, the premium received from the State is flat-rate. Everyone receives the same amount, regardless of the amounts paid. The premium paid by Bitoua`h Leoumi (Social Security – Retirement and Health) is always 300 euros for a person and 400 euros for a couple whose wife has not worked. (If the husband does not work, he still has to pay a contribution and receives the pension of 300 euros, while the husband pays for her if it is the wife who does not work.) Today, social security contributions and premiums for supplementary pensions are particularly low in Israel. Since January 2018, self-employed workers are obliged to contribute to retirement, except in the following cases: In other words, in order to maintain the current level of pensions and contributions, it becomes mandatory to postpone the retirement age of the Israeli. A postponement of women`s retirement would solve many labor shortages affecting several sectors of Israel`s economy. In Israel, the legal retirement age in 2021 is 67 for men and 62 for women. Israel is different from other Western countries: the average for OECD countries is about 65 for men and 64 for women.
In 2022, raising the retirement age for women in Israel is a necessity; an urgent need. Raising the retirement age for women would avoid an increase in contributions; In the medium term, consideration could even be given to reducing them. Of course, the postponement of the legal retirement age for women will be gradual; It is accompanied by compensation mechanisms that take into account the most demanding professions. Fewer years of work mean a shorter contribution period: to balance the social accounts, a late entry into the labour market must be accompanied by a postponement of the retirement age. Seniors who do not receive income support because of their retirement income may be eligible for benefits from other institutions, as may recipients of income support. Those whose retirement pension income exceeds 2,564 ILS gross for an individual or ILS 4,042 gross for a couple and who are reinsured for the first time since January 2008 – may submit an application for income supplement accompanied by a certificate from the pension funds they insure or from the pension compensation office, as regards the date of their membership of a pension fund and its application shall be verified in the statutes. A man who made aliyah for the first time after the age of 62, or a woman who makes aliyah after retirement age – and who is neither insured for old age nor entitled to an old-age pension – pays them a special old-age allowance, which is covered by the Ministry of Finance, provided that all of the following conditions are met: a.