Old-Age - Pension rates

The basic old-age pension is NIS 1,481 (as of 01.01.2012) for an individual and NIS 2,226 (as of 01.01.2012) for a couple (the pension for a couple is composed of a pension for an individual plus an increment for the spouse). The basic old-age pension for those age 80 or older is NIS 1,565 (as of 01.01.2012) for an individual and NIS 2,310 (as of 01.01.2012) for a couple.

If each of the couple separately meet the entitlement conditions for an old-age pension, each of them receives an individual pension.

The following increments are added to the above amounts:

Seniority increment (insurance) - The old-age pension includes a seniority increment for those who were insured for over 10 years prior to the date of the beginning of his entitlement to an old-age pension, subject to the restrictions prescribed by law.

The seniority increment is 2% of the pension for each full year of insurance after the first 10 years of insurance. The total increment may not exceed 50% of the pension.

Pension deferral increment - This increment is paid in cases in which there was no entitlement to an old-age pension due to income from work (even if no claim was submitted) or, because of the income from work, the insured is only entitled to a small old-age pension, and he waives receipt of the small amount.

The pension deferral increment is 5% of the pension (including the seniority increment) for each year between ^20^ and the age of entitlement to old-age pension.

Increment for dependents - spouse or child. For details please see increment for spouse and children.

Old age pension amounts

* The increment for a child is paid for the first 2 children only.
The increment for each one of the two children is NIS 469 (as of 01.01.2012) . 

This age is 70 for men and ranges from 65 to 70 for women, in accordance with their date of birth. At this age one is entitled to the old-age pension without a means test (irrespective of income).