The concept of a safety net for Israel's pension savers is fraying. A meeting of representatives from the Finance Ministry, the Bank of Israel and the National Economic council last night ended in consensus that more efficient economic stimuli should be considered first.
Only if none can be found should the "safety net" concept be revisited, based on the ideas of the Finance Ministry (as opposed to other parties), and made more efficient while about it.
The conclusion is a clear triumph for the Finance Ministry, which had opposed the concept of a safety net from the get-go. Its representatives managed to persuade their colleagues in government that if one must be spread, at least it should be based on the treasury's model.
The prime minister's office, which has been urging support for pension savings and had certain guidelines for a model of its own, but evidently no actual finished model, has given the Finance Ministry until Monday to come up with fresh ideas agreed upon by all the teams.
Treasury officials point out that nowhere in the crisis-stricken west is a plan to shore up pension savings being proposed.
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