What is the Retirement Age in Israel and who is eligable for a pension?…(read more)

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Retirement and pension in Israel is a complex topic and one that is often misunderstood by those who are unfamiliar with the laws and regulations that govern it. In this article, we will look at the basics of retirement and pension in Israel and how it works.

The Israeli pension system is based on the principle of mandatory retirement savings. All Israeli citizens and residents over the age of 18 are required to contribute to a pension fund. This fund is managed by the National Insurance Institute (NII). The NII is responsible for collecting contributions and managing the funds. Contributions are made through taxes, wages, and other sources.

The NII also provides a variety of benefits to retirees, including a pension, health insurance, and other services. The pension is based on the amount of contributions made over the years and is paid out in monthly installments. It is important to note that the pension is not a fixed amount; rather, it is adjusted each year based on the cost of living and other factors.

In addition to the pension, retirees in Israel are also eligible for a variety of other benefits, such as disability benefits, survivor benefits, and more. These benefits are provided by the NII and are also adjusted each year to keep up with the cost of living.

Retirement in Israel is a complex topic, and it is important to understand the laws and regulations that govern it. It is also important to understand that the pension and other benefits provided by the NII are not guaranteed and can be adjusted each year. It is important to consult with a financial advisor to ensure that you are making the most of your retirement and pension in Israel.