Unemployment Fund Surpluses Amount to 80 Million BD Annually, Unemployed Expenses 8 Million BD Only
2019-03-18 - 7:13 p
Bahrain Mirror: The local Al-Ayam newspaper reported that the unemployment insurance fund surpluses are 80 million BD per year, while the benefits for the unemployed do not exceed 8 million Bd per year.
The services committee in the House of Representatives approved in its meeting a bill presented by the government to finance the voluntary retirement program from the unemployment fund, in addition to increasing the unemployment subsidy to 150 BD for non-university students; and 200 dinars for university students and increasing the subsidy period to 9 months instead of 6 months.
The government had indicated that the budget required to fund the voluntary retirement program is estimated at 230 million BD, which means that in less than three years the amount would be covered from the fund's surplus without approaching its growing balance since its formation, according to the government.
The unemployment insurance fund is managed by the Social Insurance Authority, and is financed through the deductions of 1% of the salaries of public and private sector employees.
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