Technical Error Understates Savings Program Profits by 5.6 Billion Shekels
A technical error in Israel's "Savings for Every Child" program report understated profits by 5.6 billion shekels. Corrected data shows 8.85 billion shekels in accumulated profits since 2017, with significant gains for Altshuler Shaham and Harel. The program is shifting account management from banks to provident funds.
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- A technical error understated the program's accumulated profits by 5.6 billion shekels.
- Corrected profits total 8.85 billion shekels since the program began in 2017.
- Altshuler Shaham's profits were corrected from 80 million to 4.08 billion shekels.
- Harel's profits were corrected from 649 million to 1.65 billion shekels.
- 98,000 bank accounts closed in 2025, shifting deposits to provident funds.
- By end of 2025, 84% of accounts will be managed by provident funds, 16% by banks.
The National Insurance Institute revealed a technical error in the 2025 annual report of the "Savings for Every Child" program, which understated the accumulated profits. The report initially showed profits of 3.25 billion shekels since the program's launch in 2017, but after review, the correct figure is 8.85 billion shekels. Specifically, Altshuler Shaham's profits in the program's funds were reported as 80 million shekels but actually amount to approximately 4.08 billion shekels, while Harel's profits were corrected from 649 million shekels to 1.65 billion shekels. The error was in data presentation only, not in the actual savings, and corrected figures have been updated on the National Insurance Institute's website.
The report also noted a shift in account management during the past year, with 98,000 bank accounts closed and new deposits redirected to provident funds managed by insurance companies and investment houses. By the end of 2025, only 16% of accounts will be managed by banks, down from previous levels, while 84% will be managed by provident funds. Among new accounts, about 95% were opened in provident funds and only 5% in banks.
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