The average income for retired people aged 65-74, falls 36% to NIS 6,984, from NIS 10,846 a month for people aged 55-64, according to figures compiled by the National Insurance Institute and the Israel Tax Authority and published by the Central Bureau of Statistics. The fall in average income for people aged 75 and upward is even higher, down 54% to NIS 4,939 a month.
Bank of Israel pensioners, however, are slightly better off. According to reports published by the Ministry of Finance Department of Wages, 66 former Bank of Israel employees who retired in 2003, enjoy an average monthly pension of more than NIS 35,000, five times the average pension of the rest of the country’s retirees. The lowest monthly pension for former Bank of Israel employees is NIS 14,000, while the highest is in excess of NIS 53,000. Additionally, a large number of those who left in 2003, retired early. Some of them were under 55, two were aged 49 and one aged 47.
The reports also reveal that the monthly income for people aged 18-24 ranges from NIS 1,555-3,115, while the monthly income for people aged 25-54 ranges from NIS 5,564-10,955.
Published by Globes [online], Israel business news - www.globes.co.il - on August 1, 2006
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