Gov't Team Approves "Controversy" Urgent Decisions Package to Extend Pension Fund to 2086
2020-07-11 - 3:00 am
Bahrain Mirror: A government meeting in Bahrain discussed with the Social Insurance Organization's Board of Directors an urgent reform package aimed at extending pension and insurance funds to 2086.
The meeting discussed an urgent reform package aimed at extending pension and insurance funds to 2086, recently approved by the Board of Directors of the SIO and submitted to the Government for further review.
A government team including Minister of Finance and National Economy Salman bin Khalifa Al Khalifa, Minister of Labor and Social Development Jameel bin Mohammad Ali Humaidan and Minister for Shura Council and House of Representatives Affair Ghanem bin Fadhel Al-Buainain took part in the meeting yesterday.
The Government team stressed the need to prioritize the reforms that cannot be delayed, and the urgency of securing these pension and insurance funds to ensure their ability to meet their financial obligations towards 95,000 Bahraini retirees.
The Government team stressed the need to start taking the necessary steps to save the funds and ensure their continued ability to fulfill their obligations, by working with the legislative authority, and all other relevant authorities, to extend the life of the funds and contribute to enhancing their sustainability for the benefit of the Kingdom's citizens.
It is noteworthy mentioning that the actuarial expert report is expected that the assets of the public sector pension fund will be depleted in 2024, and the private sector pension fund will be depleted in 2033.