Treasury raises income supplement for elderly

Minister of Finance Avigdor Liberman: All elderly people and Holocaust survivors will rise above the poverty line.

Minister of Finance Avigdor Liberman has announced that he will introduce into the coming state budget a rise in income supplement for pensioners to make it equivalent to 70% of the minimum wage. Income supplement for a person above the retirement age will be 3,710-3,783 monthly, depending on the person's age.

The Ministry of Finance's announcement states: "This step will mean that all senior citizens and Holocaust survivors will be above the poverty line. This is substantial assistance to elderly people with low incomes, and to the many Holocaust survivors who receive income supplement."

The measure will come into effect on January 1, 2022. It will cost NIS 1.5 billion annually.

Minister of Finance Avigdor Liberman said, "The State of Israel has an obligation to its elderly population, and as someone who subscribes to the doctrines of Jabotinsky and his five basic necessities (food, shelter, clothing, education, and healthcare), I see income supplement for pensioners as an important, essential step, and it will be implemented in the forthcoming budget. The decision arises from broad consensus among all the partners in the government, and from concern for the weak and helpless. All elderly people and Holocaust survivors will rise above the poverty line."

Published by Globes, Israel business news - - on July 27, 2021

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