Education Fund

Keren Hishtalmut is the only tax-free employee savings plan available in Israel. It was originally created to help people save for education expenses, but it can also help you meet your short- or long-term financial goals.


Intuit will contribute an amount equal to 7.5% of your monthly salary* as an employer contribution, and will deduct 2.5% from your monthly salary as the employee contribution. Prior to FY20, both contributions were subject to the limit recognized for tax purposes, which was a monthly salary of 15,712 ILS.

Note: You may choose to opt out of the Education Fund contribution made above the tax limit. If you opt out of the additional Education Fund contribution, you will receive the 7.5% employer contribution above the tax limit through your payslip. This benefit will be taxable and subject to National Insurance. You can make this election as a new hire (please see your onboarding kit) or during one of the two enrolment windows (August or February). Enrolment windows and instructions will be communicated to you via email.

*Salary includes base salary and overtime payment as stated in the employment agreement.

Tax Savings

  • The employer contributions of 7.5%, up to a salary of 15,712 ILS, plus the accumulated interest are not taxable at either the time of deposit or the time of withdrawal.
  • The employer contributions of 7.5%, above monthly salary of 15,712, plus the accumulated interest are taxable at time of deposit as regular income. Earnings are taxed at time of withdrawal. (The tax is only on the Capital gains above the cost of living increase)

Employee Contributions

  • The employee contributions of 2.5%, up to a monthly salary of 15,712 ILS, are taxable at the time of deposit (paid after tax), but the accumulated interest is not taxable at either the time of deposit or the time of withdrawal.
  • The employee contributions of 2.5%, above salary of 15,712 are made out of net income (paid after tax), plus the accumulated interest is taxable at the time of withdrawal.


Withdrawals can be made at any time, but they may be liable to tax penalties. Learn about how to make withdrawals.

Investment of Contributions

Your Keren Hishtalmut is held by an investment company of your choosing.