The Financial and Economic Affairs Committee convened today to discuss proposals for amending Article (112 bis) of the Social Insurance Law, which was issued by Emiri Order Law No. (61) of 1976. The committee made significant progress by approving proposals aimed at enhancing the welfare of Kuwaiti citizens. According to a report by Al-Qabas Daily, these proposals include increasing the interest-free loan to 15 times the salary and raising the high-cost allowance to 250 dinars.
Headed by Representative Shuaib Al-Muwaizri, the committee’s outcomes were shared during a press conference held at the National Assembly’s media center. Al-Muwaizri explained that these proposals were initially scheduled for voting and finalization during a session on December 19. However, due to the unfortunate passing of the late Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the session was postponed.
Al-Muwaizri welcomed the issuance of ministerial decisions regarding the Qard Al-Hassan (interest-free loan) and the cost of living allowance. He emphasized that the committee does not object to these decisions being made either through ministerial approval or through the National Assembly, as long as the ultimate goal of improving the standard of living for all citizens is achieved.
Furthermore, Representative Daoud Marafi, the committee’s rapporteur, announced that the committee reached a unanimous agreement on increasing the retirement pension from 7 times to 15 times the salary. This amendment also introduces flexible payment options, allowing pensioners to choose payment plans ranging from 10% to 20% of their pension. Additionally, if the loan is repaid in full, the pensioner may request it again, subject to a 25% repayment rate.
To ensure fairness, the committee will reassess cases that existed when the law was originally issued, in accordance with the provisions of the amended article. Marafi further revealed that the committee, with the majority support of its members, agreed to raise the cost of living allowance for various groups, including Kuwaiti public government and private sector employees, Chapter Five employees, retirees, individuals with disabilities, and those under the Public Assistance Law. The allowance will be increased from 130 dinars to 250 dinars.
These proposed amendments to Kuwait’s Social Insurance Law mark a significant step towards improving the welfare of Kuwaiti citizens. By increasing the interest-free loan and high-cost allowance, the government aims to alleviate financial burdens and enhance the standard of living for its citizens. The committee’s unanimous agreement on increasing the retirement pension and introducing flexible payment options demonstrates their commitment to ensuring a secure and comfortable future for pensioners.
It is important to note that the committee’s decision to reassess cases that existed when the law was originally issued reflects their dedication to addressing any potential discrepancies and ensuring fairness in the implementation of the amended article. This commitment to fairness extends to the decision to raise the cost of living allowance for various groups, including employees, retirees, individuals with disabilities, and those under the Public Assistance Law.
As these proposals move forward for voting and finalization, the Kuwaiti government is taking proactive steps to prioritize the welfare of its citizens. These amendments to the Social Insurance Law will undoubtedly have a positive impact on the lives of Kuwaiti citizens, providing them with increased financial support and a higher standard of living.
Source: TimesKuwait
