King Hamad Calls to Re-Structure Board of Directors of Social Insurance Organisation, Agree on Retirement Law
2018-06-26 - 8:57 p
Bahrain Mirror: King Hamad bin Isa Al Khalifa called to re-structure the board of directors of the Social Insurance Organisation (SIO) which is responsible for managing the retirement funds, after the controversy caused regarding the new retirement law.
According to an official statement, the king directed, while chairing the Cabinet session, to " re-structure the outgoing board of directors of the Social Insurance Organisation (SIO), and to provide it with new competencies with high administrative, professional capabilities and management discipline."
The funds suffer from actuarial deficit due to failure of the commission's policies.
Hamad bin Isa ordered the withdrawal of the new retirement law referred by the government to the legislative authority. The new retirement law gives ultimate powers to the retirement fund board in determining privileges of retirees.
The king urged the joint committee to convene as soon as possible and hold intensive meetings (...) to reach a consensual deal that takes into account public interests and preserve the rights of affiliates and retirees.