Old age insurance is one of the most important branches of the National Insurance Institute’s social security system and is designed to ensure that residents of Israel receive a regular monthly income in their old age.
Any Israeli residentA person whose life is centered in Israel. Criteria for determining this include: Israel is your permanent place of residence, where your family resides, where your children go to school, your primary place of work, or where you are studying. born in Israel or who first immigrated before the age of 60-62 is eligible for an old age pension provided he or she meets the conditions of entitlement.
A person who first immigrated to Israel after the age 60-62, will receive a special old age benefit under certain conditions.
An Israeli resident who moved to a convention country may be eligible for an old age pension even if he or she ceases being an Israeli resident.
An Israeli resident who began receiving an old age pension in Israel and moved abroad may be able to continue receiving the pension even if he or she ceases being an Israeli resident.