Israel Likely to Raise Retirement Age in 2015 State Budget

Bank of Israel Governor Dr. Karnit Flug explains that retirement age in Israel today is 67 for men and 62 for women. She and other professionals in the Bank of Israel favor amending this in the 2015 state budget towards implementing a gradual increase in retirement age to 70 for men and 64 for women.

The experts explain this must be done for life expectancy for men is now 80 and for women, 85, and the economists feel the nation cannot afford to pay for the lives of the elderly for so many years. The Bank of Israel plan requires government approval, and if the latter gives the okay, the gradual increase in retirement age will begin.

Women’s rights organizations are opposed, explaining it is bad enough that women are discriminated against in the workplace, having a more difficult time getting a job and when they do, they are paid less than a man doing the same work. The organizations feel that compelling women to work additional years will sentence her to additional years of being a member of the working poor community, compelling many to rely on Bituach Leumi supplemental income.

2014

Men retire at 67, women at 62

2015

Men at 67 & 4 months, women at 62 & 4 months

2016

Men at 67 & 8 months, women at 62 & 8 months

2017

Men at 68, women at 63

2018

Men at 68 & 4 months, women at 63 & 4 months

2019

Men at 68 & 8 months, women at 63 & 8 months