Manama, March 27 (BNA): The services committees of the Shura and Representatives Councils and the government work team held a joint meeting today headed by Parliament Speaker Fawzia bint Abdullah Zainal and in the presence of Shura Council Speaker Ali. bin Saleh Al-Saleh, and His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy.
Members of each of the committees and representatives of the Ministry of Finance and National Economy and the General Organization for Social Insurance participated in the meeting.
The government confirmed, based on the results of continuous meetings between government representatives and the legislative authority, on the proposed amendments to ensure the sustainability of pension funds and enhance their ability to meet their future obligations and protect the rights of pensioners and contributors. Adoption of the amendments proposed by the legislature. Accordingly, institutions, not individuals, mainly bear the adjustments through their obligations with pension funds, as follows:
1- An increase in pensions by 6% and a maximum of 60 dinars for the pensioner, in addition to disbursing an annual increase whenever surpluses are realized in the funds in accordance with the applicable law.
2- Adding five optional incentive years above the normal retirement age for those who want it, raising the maximum retirement pension to 90%, and considering the normal retirement age as 60 years.
3- Enrollment of non-Bahrainis in the social insurance system by calculating the end of service gratuity.
4- Gradually increasing the percentage of insurance contributions until it reaches 27%, provided that the percentage of individual contributions does not exceed 1%.
5- Preserving the nominal years of service, provided that the government bears the actuarial cost.
6- Settlement of the retirement pension according to the average of the last five years before retirement.
During the meeting, the Speaker of the House of Representatives stressed the keenness of the legislative and executive authorities to achieve sustainability in pension funds to protect the rights of retirees and participants and ensure their ability to fulfill their future obligations and coordinate efforts to overcome challenges according to a national vision that puts the supreme interest of the country and citizens at the top of its priorities.
The Speaker of the House of Representatives praised the directives of His Majesty King Hamad bin Isa Al Khalifa, and the continuous support and follow-up to His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. She also commended the efforts of the Minister of Finance and National Economy in maintaining such meetings between the legislative and executive authorities to achieve common goals and aspirations.
For his part, the Speaker of the Shura Council, Ali bin Saleh Al-Saleh, praised the keenness of the two branches to exchange visions and reach agreements to preserve national rights and gains. He praised the continuous cooperation between the two branches to draw a common vision to overcome challenges and ensure the sustainability of pension funds and their ability to meet their future obligations.
The Minister of Finance and National Economy stressed that reaching this agreement between the executive and legislative authorities is a boost to the various successes aimed at serving citizens and enhancing cooperation between the two branches. He praised the role of the legislative authority in supporting efforts to overcome challenges facing pension funds and protect the rights of retirees and subscribers.
AOQ