Panel approves pension extension

Last month, Yishai issued an extension order to expand compulsory pension agreements for each worker across all sectors of the economy.

By SHARON WROBEL
December 20, 2007 08:19

 
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The consultation committee of Industry, Trade and Labor Minister Eli Yishai, on Wednesday, unanimously recommended the expansion of the collective pension agreement to include all of the country's workers to take effect from January 1. Last month, Yishai issued an extension order to expand compulsory pension agreements for each worker across all sectors of the economy. Beginning in January, employees who have been working at the same company for at least six months will be immediately eligible to start receiving payments into their pension plans, beginning with allocations of 2.5 percent of their monthly salary. This number will increase to 5% in 2009, 7.5% in 2010, 10% in 2011, 12.5% in 2012 and 15% in 2013.

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