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 All civil servants except for career soldiers can accumulate a pension up to a maximum of 70% of their final salary, while soldiers can accumulate up to 76%. All civil servants employed before 2004 are entitled to a pension of 70% of their finishing salary. The pensions are not based on accumulated contributions to a pension fund but rather come directly from the state budget. 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,