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Jerusalem Life

| Four 2019 Gov't Initiatives That Are Likely to Affect You

Chaya V    
Thursday, 03 January 12:59 AM
Four 2019 government initiatives could affect millions of Israelis, reports Israeli consumer site Poenta. Below is a summary of each initiative.

1. Credit Ratings Publishable

One of the new 2019 Bank of Israel initiatives is to provide credit ratings for citizens seeking loans. The impetus is to facilitate better competition among loan providers by allowing for lower interest rates for those with good credit ratings.

The flip side, continues Poenta, is that privacy issues are at hand, and the public should be aware that they can request the Bank of Israel not publicize their credit rating.

2. Caps on Pregnancy/Maternity Kupah Benefits

Pregnant women paying into a kupah's highest supplemental health insurance coverage enjoyed an increase of thousands of shekels in benefits over the last few years. Some kupot were offering up to 8000 NIS worth of coverage for pregnancy tests, private medical visits, doulas, and baby supplies over a woman's lifetime. A cap is now in space which will limit the coverage to 2000 NIS per pregnancy for up to 75% of the costs, with a maximum of four pregnancies covered.

3.  Cash Transaction Limits

You may have heard the story about the Israeli who went to purchase a house in the perifery. He asked his wife to bring him "the bag" underneath their bed in order to finalize the deal with the home seller. She brought it, and when he opened the bag and counted only 700,000 NIS, he yelled at her, saying, "Not this bag! I need the bag with 1,000,000 NIS!" 

That's all about to change with the new cash transaction limits, whose aim is to curb the estimated 350 billion NIS in laundered money, cites Rifka Lebowitz, author of "Living Financially Smarter in Israel." Cash transaction limits are from 11,000 to 55,000 NIS, or a percentage of the deal, depending on the situation. Read more about the details in this Janglo report from Rifka Lebowitz.

4. Electric Bicycle Theory Test, Helmet Requirement

As reported by Poenta recently, electric bicycle riders who do not have a driver's license will be required to pass a theory test. In addition, the helmet law will soon be implemented for any electrically-powered, open-air transport, according to Poenta.

How will your life be affected by these changes?
       
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