Retirement Law Reaches House of Representatives, Fears of Reducing Privileges of Participants and Increasing Retirement Age
2018-05-31 - 8:05 am
Bahrain Mirror: A local newspaper reported Parliamentary sources as saying that the House of Representatives received yesterday a new bill on retirement.
According to the source, the law includes reconsidering retirement privileges for all three governmental, private and military funds.
Sharif said that the public authority for social insurance (retirement fund) has been suffering from annual deficit that reached 500 million and that the only surplus the authority has is in the investment income, expecting that the insurance authority will face real deficit in 2019 or 2020 rather than actuarial.
He also expected that the government would take austerity measures during the 2 coming years that would affect citizens, including increasing the retirement age.