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.
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