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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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What happened
- 01A technical error understated the program's accumulated profits by 5.6 billion shekels.
- 02Corrected profits total 8.85 billion shekels since the program began in 2017.
- 03Altshuler Shaham's profits were corrected from 80 million to 4.08 billion shekels.
- 04Harel's profits were corrected from 649 million to 1.65 billion shekels.
- 0598,000 bank accounts closed in 2025, shifting deposits to provident funds.
- 06By end of 2025, 84% of accounts will be managed by provident funds, 16% by banks.
The coverage
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- Centre4
- RightNone
- HarediNone
- ArabNone
- Other2
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