The old age insurance is designed to ensure that residents of Israel receive a regular monthly income in their old age.
The old-age pension is paid either from retirement age according to the level of income of the insured, or from the age of entitlement to old-age pensionThis age of entitlement is set at 70 for both men and and women, and eligibility for an old-age pension is not subject to a means test. (age 70) regardless of the level of income.
Any Israeli residentA person whose life is centered in Israel. Criteria for determining this include: Israel is your permanent place of residence, where your family resides, where your children go to school, your primary place of work, or where you are studying. born in Israel or who first immigrated before the age retirement prescribed by the law (62 for men or retirement age for women), and is eligible for an old-age pension provided he or she meets the conditions of entitlement.
A person who first immigrated to Israel after that age may be entitled to a special old age benefit.
An Israeli resident who moved to a convention country - may be eligible for an old age pension even if he or she ceases being an Israeli resident.
An Israeli resident who began receiving an old-age pension in Israel and moved abroad in a country that has not signed a bilateral convention with Israel - may be continue receiving the pension, even if he or she ceases being an Israeli resident.