Retirement idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies,
Pensions in Israel Pensions in Israel Pensions in Israel consist of a state old age pension system, a private pension system which employees are legally required to participate in and that is supervised and regulated by the government, and a pension system for civil servants. The state-run old age pension system is administered by Bituah Leumi (National Insurance Institute). All residents aged 18 or older are required by law to pay insurance contributions to Bituach Leumi as part of the old age insurance system. One must have paid contributions for at least 12 years to be able to claim a pension. Upon reaching