The first of several fiscal measures aimed at the mobilization of 100,000,000 to 150,000,000 Israeli pounds ($56,000,000 to $84,000,000) to meet the needs of the integration programs for new immigrants is being contemplated for early implementation here by the Government Treasury. The initial step in that program would be the launching of the compulsory savings plan from which, it is estimated, 45,000,000 pounds ($25,200,000) would be raised, it was reported here today.
The last Knesset empowered the Treasury to float such a compulsory loan. However, the Parliament’s finance committee is to give the Treasury the power regarding details of the program. It is planned to exempt families earning less than 250 pounds – ($140) a month, while those earning above that amount would be forced to save 6 percents to 12 percent of their income.
The loan bonds would be linked to the country’s cost-of-living index. The bonds would be redeemable within 10 years, and would bear interest of 4 percent. It is expected here that the compulsory loan plan may be put into effect before the next Government is formed.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
