Control of Financial Services (Provident Funds) Law (Amendment – Increasing the Maximum Deposit Amount in Investment Provident Funds) Bill
Translated from Hebrew: הצעת חוק הפיקוח על שירותים פיננסיים (קופות גמל) (תיקון - הגדלת הסכום המרבי להפקדה בקופות גמל להשקעה)
TL;DRA proposal to raise the maximum annual deposit in investment provident funds from NIS 70,000 to NIS 300,000.
Translated from Hebrew
What does the bill do?
The proposal updates the Supervision of Financial Services (Provident Funds) Law in order to raise the maximum amount a saver may deposit in investment provident funds from NIS 70,000 to NIS 300,000 each year. An investment provident fund allows savers to accumulate funds that carry an exemption from capital gains tax, and to withdraw them as an annuity or a lump sum in the retirement period. The explanatory notes state that this raising of the ceiling is intended to encourage retirement savings against the background of growing life expectancy and the need to maintain a reasonable standard of living in old age.
The votes on this bill
Coalition 72 seats
Opposition 48 seats
Tap an MK for detailsChanged position between readingsOnly MKs who held a seat on the day of the vote are shown