‘Savings for every child’ plan moves forward

There will soon be a state-funded savings plan for every Israeli child, Finance Minister Moshe Kahlon said on Sunday.
Under Kahlon’s plan, parents will be able to open a savings account for any child under 18, into which the state will make monthly deposits, to be withdrawn by the child upon reaching the age of 18 or 21.

“Kahlon, who initiated the bill for the savings plan for every child, wanted to encourage savings for children,” the minister’s spokesman Omri Harush told The Jerusalem Post. “The money given to parents by the state through the [National Insurance Institute] child allotments would never actually reach the child, the parents usually spend it; we wanted to have something left for the children.”

Source: http://www.jpost.com/Israel-News/Politics-And-Diplomacy/Savings-for-every-child-plan-moves-forward-474421

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