The stated purpose of the award is to "appreciate Hebrew literature and encourage excellence in Hebrew literary writing," by providing a financial grant to writers, which would enable them to be free to write for a year. The grant, as of 2016, is NIS 65,000 – the equivalent of a teacher's annual salary.[1] The award was founded by Prime Minister Levi Eshkol and initiated by writer Zelig Lavon, Pinhas Lavon's brother.