Control of Financial Services (Provident Funds) Law (Amendment – Increasing the Maximum Deposit Amount in Investment Provident Funds) Bill
Translated from Hebrew: הצעת חוק הפיקוח על שירותים פיננסיים (קופות גמל) (תיקון - הגדלת הסכום המרבי להפקדה בקופות גמל להשקעה)
TL;DRRaising the maximum annual deposit in investment provident funds from NIS 70,000 to NIS 300,000.
Translated from Hebrew
What does the bill do?
The proposal amends the Supervision of Financial Services (Provident Funds) Law in order to raise the maximum amount a member may deposit per year in their accounts in all investment provident funds. The new amount will be NIS 300,000 instead of the NIS 70,000 that exists today, with the amount updated every year according to the rise in the index. The proposal includes updating Section 22(a) of the 5765-2005 Law. The stated goal is to encourage the public to save for retirement by expanding the options in existing savings products, given a low-interest environment and long life expectancy after retirement.
The votes on this bill
Coalition 72 seats
Opposition 48 seats
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