3% rise in pensions approved in Bahrain

Move is part of six urgent steps approved by the Cabinet

  
A Central Bank of Bahrain official shows a new BD$20 (Bahraini 20 Dinars Note) on the first day of its release in Bahraini capital of Manama

A Central Bank of Bahrain official shows a new BD$20 (Bahraini 20 Dinars Note) on the first day of its release in Bahraini capital of Manama

REUTERS/Hamad I Mohammed

MANAMA: Retired people who earn less than BD500 as pension will get an increment of three per cent this year, it has been revealed.

The move is part of six urgent steps approved by the Cabinet yesterday that are aimed at strengthening the sustainability of Pension Funds.

The Financial, Economic Affairs and Fiscal Balance Committee detailed the measures in a memo submitted to the Cabinet.

The six steps include merging the public and private sector funds; halting annual pension increase, unless there is a surplus; decoupling salaries and pensions; retirees are no longer allowed to receive more than one pension under different retirement and insurance systems, except for those entitled to pensions because of disability, work accidents or kinship.

They were recommended by Parliament.

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC