BREAKING NEWS

Steinitz: Defense Min. to transfer NIS 700m. to education

By GLOBES

JANUARY 4, 2012 15:09

Finance Minister Yuval Steinitz on Wednesday said that this coming Sunday the Defense Ministry would have to become fully transparent and accountable and transfer NIS 700 million of its budget so the state can implement free education for Israelis from the age of three and long school days. Steinitz said that he and Prime Minister Binyamin Netanyahu are determined to implement the Trajtenberg Committee's recommendations on free education and the defense budget.

"We are making two historical decisions today," Steinitz said. "The first one is to locate dormant accounts. In other words, NIS 15 billion will be returned to their rightful owners, to the citizens that worked in their youth and do not remember where there savings went, or to inheritors that did not even know the inheritance existed. We have funds right in front of our eyes that need to return to their rightful owners."

Steinitz added, "The second decision is to follow the Smart Model, which matches savings options to a person's character. Our aim is to make sure that citizens are kept safe by gradually reducing risk during the years in which they are saving."

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