Finance Minister nixes raising women's retirement age

The Finance Ministry has favored the move for years, but Yair Lapid, like his predecessor, is opposed.

The 2013-2014 budget and the accompanying Economic Arrangements bill will not include any rise in the retirement age for women.

Minister of Finance Yair Lapid has decided that the retirement age for women should not rise for now, and that a professional committee should be formed to examine the matter. Sources close to Lapid say that there was never any intention of introducing such a provision into the Economic Arrangments bill.

Ministry of Finance officials have for years been trying to raise the retirement age for women from 62 to 64, and then to 67 (the same age as for men), in order to reduce National Insurance payments and for actuarial reasons. However, the previous finance minister, Yuval Steinitz, also opposed the measure.

Although retirement ages in Israel are already among the highest in the world, the Ministry of Finance argues that the retirement age should be raised in line with the rise in life expectancy.

Published by Globes [online], Israel business news - - on April 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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