Kuwait’s social security law is among the “most generous” in terms of the rights it guarantees to beneficiaries, Director General of the Public Institution for Social Security (PIFSS) Hamad Meshari Al-Humaidhi said Wednesday.
Up to 600, 000 people benefit from the law, Al-Humaidhi told KUNA in an interview Wednesday, noting the PIFSS has received up to 350,000 transactions so far in 2016, and has issued 450,000 certificates.
According to the PIFSS chief, the state’s contribution to social security exceeds 40 percent which gives the system further support and beneficiaries more advantages, he said. Thus, pensions are “unique.” An employee spends 30 years in service, and retires to receive a pension equal to 95 percent of his/her actual salary before retirement, a high rate compared to 60-70 percent in various parts of the world, he said.
In 1988, a new law was issued to provide social security to Kuwaitis overseas, by the same system applied at home, but a prescriber has to pay the employer’s share and receives a terminal or capital bonus. Unluckily, those covered by the overseas insurance are just 200 people, but the number is rising especially from the UAE, Al-Humaidhi said.
SOURCE : ARABTIMES