The Knesset Finance Committee Modifies ‘Savings for Every Child’ Program to Include Banks and Online Slot Gaming Platforms
The Knesset Finance Committee was considering an amendment to the “Savings for Every Child” savings program, which initially aimed to exclude banks from participating. However, after reviewing the proposal, the committee decided not to exclude banks entirely. Instead, they modified the amendment to allow parents who opened a savings program at a bank to transfer it to a pension or investment fund.
The decision was made after years of low profitability in banks compared to other types of funds. Families from economically disadvantaged backgrounds were more likely to save in banks, and this move aims to provide more options for parents participating in the program.
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