In addition to the child allowance, Finance Minister Moshe Kachlon (Kulanu) has succeeded in opening a government savings plan for each child.
The plan was originally created in an attempt to balance the haredi parties' continuous demands for more money with the need to "even out" the board and provide equal sums to each family, regardless of religious sector. In addition, complaints had been made that the money did not actually benefit the children, instead going to line the pockets of parents, many of whom do not actually need the money.
With the new plan, the money goes to benefit the individual children, and not the parents. Though the original plan to replace child allowances with a savings plan was changed, instead the savings plan is in addition to the child allowances, not instead of them.
Under the new plan, Bituach Leumi (the National Insurance Institute) will deposit 50 NIS per month into a savings account under the child's name. The money will be available when the child turns 18 or 21 and chooses to withdraw it.
Parents will have the option to deposit an additional 50 NIS into the child's account, which will automatically come off of the monthly child allowance.
The savings will be deposited into the child's account on the 20th of each month, at the same time as the child allowances are deposited into the parents' bank account. In addition, funds will be deposited retroactively for the period between May 2015 and December 2016, for as many months as the child was eligible during that time.
If parents do not choose a savings plan, the government will use the low-risk default plan. There is also a plan conforming to Sharia Law and to Jewish Law, though there is no information available on what these plans actually are.
Children eligible for the new plan are those who are already eligible for child allowances.
Parents have until January 6, 2017 to choose a savings plan, including whether to save the money in a bank or to save it in a provident fund.
You can read more on the government's site, or by downloading their English-language PDF.