As part of the new agreement governing monthly child allowance payments, Finance Minister Moshe Kahlon has submitted a letter to the Knesset Finance Committee detailing it will deposit NIS 50 in the account of each child in addition the monthly payment that is placed in the bank account of parents. This will permit some of the money to be used to assist in raising the child, funds taken by the parents, and the remainder will accumulate in a fund until children become of age.

Gafne plans to turn to the Finance Ministry in the coming days with a request, to permit parents to have the entire fund placed into a long term savings account for the child since there are families that are not in need of the money while raising the children.

Bituach Leumi official Yael Agmon is not in favor, pushing the socialist agenda. She explains the families with limited means will take the money payment and use it for they have no alternative. The wealthier families now wish to bank the entire amount, which means when the children come of age the children from wealthier families will have far more money than those from families with limited resources.

Bituach Leumi states the agency is opposed to this as well for the monthly allowance is intended to assist with the children and not as a savings plan.

(YWN – Israel Desk, Jerusalem)