Social Insurance Organization Raised 10 Urgent Recommendations to Gov't to Amend Retirement Law

2020-07-10 - 6:03 م

Bahrain Mirror: The Social Insurance Organization said that the Board of Directors reviewed the actuarial expert's report on the financial conditions of pension funds in accordance with the financial statements on December 31, 2018.

"After several meetings with the actuarial expert, 10 urgent recommendations have been reached and raised to the government to carry out a package of reforms to ensure the sustainability of pension and insurance funds and their ability to meet their financial obligations towards 95,000 retirees," the authority said in a statement.

The authority said that these measures aim at extending pension funds to 58 years, until 2086."

It 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.

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