The Cabinet approved a draft law that includes several issues in the economic plan that will require changes to legislation: Expanding the eligibility for unemployment compensation, adjustment stipends for those aged 67 and over, assistance to the self-employed and businesses, expanding the permit for discharged soldiers to make withdrawals from their discharge deposits, and a tax exemption for withdrawals from advanced training funds.

The Cabinet also approved a draft law to expand the 2020-2021 budgetary framework by NIS 24 billion in order to expand and implement the plan.

The draft laws will be submitted for Knesset approval immediately.

Following are details of the economic plan as approved by the Cabinet:

A) Safety net for wage earners on unpaid leave

1) Unemployment compensation benefits

* Full unemployment compensation until the end of June 2021 or until unemployment drops below 10%. When unemployment is below 10%, unemployment compensation will drop to 75% of the unemployment allowance

* Cancellation of the five waiting days between unemployment periods

* Shortening the qualification period from 12 months to six months

* Payment of double allowances until June 2021

2) Unpaid leave adjustment

* Shortening the administrative time for conferring eligibility for unemployment compensation to 14 days only. This will be submitted for Knesset approval in the draft law.

3) Adjustment stipend

* Payment of adjustment stipends of up to NIS 4,000 per month to those aged 67 and over until December 2020. This will be submitted for Knesset approval in the draft law.

4) Focused employment plan

* Coordinating and optimizing employment data – in order to receive an ongoing picture of the situation vis-à-vis the magnitude and characteristics of employment

* Goals – Determination of half-yearly goals for lowering the unemployment rate

* Training and placing workers – Broad increase in the scope of professional training and integrating employers in the training process. It was decided to establish a team headed by the Director General of the Prime Minister's Office and the Director General of the Finance Ministry to promote employment.

B. Safety net for the self-employed and for businesses Read more at Arutz-7