Fischer urges gov't to fight poverty

Warns that Labor initiative to raise minimum wage would damage economy.

By JPOST.COM STAFF
April 2, 2006 16:04
1 minute read.
Fischer urges gov't to fight poverty

Fischer 298.88. (photo credit: Ariel Jerozolimski)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

Bank of Israel Governor Stanley Fischer published his annual financial report on Sunday afternoon, calling on the government to adopt a comprehensive program to fight poverty. Fischer also suggested introducing a mechanism of negative income tax and improving pension funds, and ease criteria for accepting unemployment benefits. In an Army Radio interview he warned that the Labor Party's initiative of raising the minimum wage to $1,000 too quickly would damage the Israeli economy. Fischer said he was not opposed to a gradual increase, but raising it too rapidly would have a "negative impact" on unemployment. "It is dangerous to raise the rate at too rapid a pace," claimed the Bank of Israel governor. After a meeting with Acting Prime Minister Ehud Olmert, Fischer said that he was confident the government would maintain the same policy that Olmert adopted when he was finance minister. "He plans for the government to keep the same framework. I was encouraged by what I heard." Fischer said at a Jerusalem news conference after releasing the central bank's report. According to the report, the last financial year was one of the best for the Israeli economy. Fischer declared that foreign investment was the highest the country had ever known and he called on Israel not to backtrack on its financial achievements.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS