The Knesset Economics Committee on Tuesday finalized its draft for a law that will provide cheapened electricity to those in need by raising electricity prices for the general public by 0.8 percent.

Panel chairman MK Moshe Kahlon (Likud) said: "we have this opportunity to give out a [Passover] holiday present to the elderly and needy."

Israel is following the lead of a number of Western countries, such as Italy and Britain, which offer similar discounts to its less affluent citizens. In Italy, electricity prices are determined according to one's medical age, income and age.

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The proposal was drawn up with cooperation of Israel Electrical Corporation (IEC) and the Ministry of Infrastructure.