Israel’s Parliament today adopted the Government’s compulsory saving plan. The plan is designed to “soak up” part of the higher cost-of-living allowances granted last month to the vast majority of Israel’s salary and wage earners. The allowances had been increased to compensate Israelis for higher prices that resulted from the devaluation of the pound last February.
With the passage of this bill, Parliament adjourned until about October 15, following the Succoth holiday. Meanwhile, work is progressing here on the construction of the new Parliament Building, for which ground was broken 10 months ago. The building is expected to be completed by the middle of 1964.
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