Provident Fund In Israel

Summary

The Provident Funds Law in Israel mandates that employers contribute 6.5% and employees contribute 6% of the salary to a provident fund. The fund accumulates until retirement and can be paid out as a lump sum or annuity. Early withdrawal conditions apply. Consult a lawyer for personalized advice.

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what is the origin of the provident fund?
The concept of the Provident Fund originated in the United Kingdom in the early 19th century as a benefit for workers. It was later adopted by many other countries to provide a safety net for employees upon retirement.
what is the law in israel?
Israel's legal system is a mix of civil law system, common law, and Jewish law. The main laws include:
*. Basic Laws: Israel's constitutional laws.
*. Civil and Criminal Laws: Governing personal matters and offenses.
*. Labor Law: Regarding employment rights and responsibilities.
*. Family Law: Governing marriage, divorce, and child custody.
Is there a specific area of law you're interested in?
what is the israeli law about provident fund
In Israel, the Provident Funds Law outlines the following key points:
*. Employers must pay *.*% of an employee's salary into a provident fund.
*. Employees contribute *% of their salary.
*. The fund accumulates until retirement, at which point it's paid out as a lump sum or annuity.
*. Early withdrawal conditions apply.
Please consult a lawyer for personalized advice.