Israel to Give Every Israeli Child 20,000 Shekels to Minimize Inequality


Finance Minister Moshe Kahlon announced last week the establishment of a savings account for every Israeli child, which will provide everyone who reaches age 18 with NIS 20,000.

The first option, and the one adopted by Kahlon, includes allocating NIS 50 per month for all newborn children as well as a variable lump sum at withdrawal for NIS 500. Parents who can afford to may add NIS 50 per month to the savings account.

Thus at the age of 21, each child will have NIS 20,000 (NIS 23,000 if withdrawn), and NIS 23,930 if the child’s parents were able to add the additional monthly savings (NIS 25,000 if withdrawn). The cost to the State is estimated at about NIS 2.4 billion.

 

LIDAR GRAVE-LAZI, THE JERUSALEM POST

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