The Company for Location and Restitution of Holocaust Victims’ Assets has cut 20 percent of the annual aid to needy Holocaust survivors. The society explained Tuesday that it had to cut the grant due to budgetary shortages.

Since its establishment in 2006, the Company has given needy survivors a stipend of NIS 6,000 per year. From now on the 10,000 aid recipients will only receive NIS 4,800 per year.

The Company describes its mission as “doing justice for the owners of assets who died during the Holocaust by locating the assets themselves and returning them to their rightful owners.” Assets whose owners can not be found go to helping Holocaust survivors.

Its website says the Company “was incorporated as a private corporation” in 2006. “Its shares are held by the State, and it is obligated to act for the public’s benefit without profit.”