Under the National Insurance Institute law, every three years, the organization’s actuary must present a report containing the forecast and expectation for payments and pensions to the residents of Israel. The institute must also ensure the ability to meet its obligations and the rights granted to citizens by law. The institute’s recent report is tailored to the end of 2022, and at the request of Labor Minister Yoav Ben-Tzur, it will be updated following the events of the war.
Ben-Tzur makes statement defending citizens’ rights
According to the previous actuarial projection, the fund’s balance was expected to be depleted in 2044. This report was pushed forward to 2036 as per the mandatory reforms in disability and care pensions, population growth, and longer life expectancy in Israel compared to other developed countries. Even before the COVID-19 outbreak, the National Insurance Insitute raised this issue, a topic extensively covered by Maariv, seeking to discuss the matter and ensure the continuation of public rights over the years.
