Yacimovich demands investigative committee on pensions

Opposition Leader says current plans will not provide enough support to citizens when they retire.

August 18, 2013 20:30
1 minute read.
Former Labor leader MK Shelly Yacimovich.

Labor leader Shelly Yacimovich 370. (photo credit: Artiom Degel)


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Oppostion leader Shelly Yacimovich on Sunday demanded that Knesset Speaker Yuli Edelstein empower an investigative committee to deal with pension issues, and suggested that Welfare Minister Chaim Katz head it up.

“The pension savings of Israel’s citizens faces a crisis of the utmost seriousness,” she wrote. “Demographic factors, macroeconomic factors, government policy and many other factors created a situation in which it is already clear that pension savings of the nation’s citizens will not be enough for them when they retire.”

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Yacimovich said a parliamentary committee could properly debate the issue and come up with a solution preferable to the one proposed by the government.

A week earlier, Oded Sarig, director of the capital markets, insurance and savings division at the Finance Ministry unveiled a plan to reduce interest rates on pension accounts matching them to the lowest prevailing market rates, though Finance Minister Yair Lapid said that the decision was not final.

Lapid reassured his supporters in a lengthy email on Saturday night that he would consider how to move forward carefully.

“I open the newspaper and read that I have decided to cut pensions 10 percent. I’m appalled. There was never any such decision, there is no such decision,” he said.

“This was a notice sent out from the capital markets division dealing with the need to take care of the difference in interest rates,” he said.

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