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Old-Age - Pension rates

The basic old-age pension is NIS 1,531 (as of Jan 01, 2014) for an individual and NIS 2,301 (as of Jan 01, 2014) 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 1,617 (as of Jan 01, 2014) for an individual and NIS 2,387 (as of Jan 01, 2014) 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 retirement age 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 (Updated to Jan 01, 2014)

For an individual

NIS 1,531

For an individual age 80 or older

NIS 1,617

For a couple (the pension for a couple is composed of a pension for an individual plus an increment for the spouse)

NIS 2,301

For a couple when the pension recipient is age 80 or older

NIS 2,387  

For an individual + 1 child

NIS 2,015

For a couple + 1 child

The increment for the child is paid to only one of them

NIS 2,785

For an individual + 2 or more children*

NIS 2,499

For a couple + 2 or more children*

NIS 3,269

* The increment for a child is paid for the first 2 children only.
The increment for each one of the two children is NIS 484 . 

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