Steinitz: Retirement age will have to rise

The finance minister made the remark at a weekend cultural event in Kfar Sava.

Is the pension age in Israel about to rise? At a cultural event in Kfar Sava yesterday, reported by Channel 2 News, Minister of Finance Yuval Steinitz commented on the matter, saying that in his view it had to happen. "In Israel too we will have to raise the retirement age," he said, talking about the state of the Israeli economy in comparison with other countries.

Last week, Ministry of Finance Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig instructed insurance companies to abolish executive insurance from January 1, 2013, because of the rise in life expectancy in Israel, and the fear that the companies might not be able to continue making fixed monthly retirement payments to those who have bought lifelong executive insurance policies.

Published by Globes [online], Israel business news - - on July 15, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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