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Prime Minister Benjamin Netanyahu on Sunday approved a draft proposal to compensate various parties affected by the temporary construction freeze he declared last year on West Bank settlements.

The proposal was consolidated by a team of legal authorities led by Cabinet Secretary Zvi Hauser, comprising representatives from the PMO, the Treasury, the Defense Ministry and the Justice Ministry.

The proposal would offer compensation to people who recently purchased homes in settlements, to contractors with building permits. Local authorities hurt by the building freeze will also receive a one-time compensation.

The criteria used to decide who will be compensated will be released in the next few days. The compensation will be distributed by a special committee, yet to be determined by the cabinet.

The Prime Minister's office said Sunday that the decision would be implemented immediately and does not require legislation or permission from any other forums, including the Knesset.

The draft also renders other legislative proposals on the issue as unnecessary.