The old age insurance is designed to ensure that residents of Israel receive a regular monthly income in their old age.
Any Israeli resident born in Israel or who first immigrated before the age of 62 for a man, or before retirement age for a woman (see calculation), 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 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.
Senior citizens who don’t receive an income supplement due to their income from retirement pension – may be entitled to additional advantages from other institutions similarly to income supplement recipients.
Those whose income from retirement pension exceeds the gross amount of NIS 2,564 for a single person or NIS 4,041 for a couple, and who has been covered for the first time with retirement insurance since January 2008 – can submit a claim for income supplement along with an authorization from the retirement funds offering them coverage or from the retirement clearing-house, regarding the date of their registration with a retirement fund, and their claim will be examined according to the rules.
This information is from the Bituach Leumi website. Additional information can be found on their website.
FROM THE GOV WEBSITE:
Pension for a senior citizen aged 70 and over
Bituach Leumi (National Insurance) pays a monthly allowance to residents of Israel who have reached the age of 70. From this age, the payment of the allowance is not subject to an income test. Health insurance premiums are deducted from the pension amount, and pension recipients are exempt from paying health insurance premiums from any other income they have in addition to the pension.
What the right entails:
- A monthly allowance in the amount between 1,596 and 2,488 NIS (as of 2022), the amount of the allowance depends on age and marital status
- Seniority supplement according to the number of years the pension recipients were insured with the National Insurance before receiving the pension. The increase is at the rate of 2% of the basic allowance for each insurance year, and no more than 50% of the basic allowance
- Pension deferment supplement for each year in which a senior citizen’s pension was not paid due to income from work, in the years from retirement age (67 for men, 65-62 for women depending on their date of birth) until age 70. The rate of the supplement: 5% of the pension (basic pension + seniority supplement) for Every year of postponement
- Supplement for children and spouses dependent on the pension recipients
- Income supplement supplement for those with low incomes