Knesset Finance Committee approves pension safely net plan

The Knesset Finance Committee on Tuesday approved the pension safely net plan for those aged 57 and up. The plan, to be implemented in three years, will apply to those with accrued pension savings of up to NIS 1.5 million. It will guarantee a maximum of NIS 750,000 for those at the highest savings level, which is equivalent to approximately NIS 8,000 in monthly income - the average wage. Pension savers with accrued funds of between NIS 1.25 and NIS 1.5 million will have NIS 600,000 guaranteed.