Kuwait announces raise in pension salaries for retired employees
Date
6/26/2024 3:32:13 AM
(MENAFN) Kuwait has announced an increase in pension salaries for its retired employees, including a specific category of individuals who have remained single throughout their lives. This decision was disclosed today, Tuesday, and it aims to provide additional financial support to those who have served the country and are now in retirement.
The General Organization for Social Insurance stated that this annual pension increase, amounting to 20 dinars (approximately 65 dollars), will take effect starting next August. This adjustment is designed to ensure that retirees receive a modest yet significant boost in their income to help cope with the rising cost of living and other financial needs.
The government institution further clarified that this increase will apply to all Kuwaiti retirees, including those who are beneficiaries as shareholders (affiliated with deceased retirees). This inclusive approach ensures that a wide range of retired individuals and their families benefit from the policy change, acknowledging the diverse circumstances of retirees across the country.
In Kuwait, there are over 160,000 retirees of both genders. These retirees are categorized based on their marital and familial status. The categories include married individuals without dependents, married individuals with dependents ranging from one child to up to seven children, and a smaller group of single men. This categorization helps tailor pension benefits to meet the specific needs of different groups of retirees.
According to statements made by the former Minister of Finance, Fahd Al-Jarallah, last November, the number of single Kuwaiti retirees who will be included in this pension increase stands at 182. This figure highlights a relatively small yet significant group within the retired population who will benefit from this policy change.
It is noteworthy that there are no official statistics regarding the number of retired Kuwaiti women who have never been married and are also classified as single by the Insurance Institute. This gap in data suggests a need for more comprehensive record-keeping to ensure all eligible individuals receive their due benefits.
The minimum monthly pension for a single retiree in Kuwait is slightly over a thousand dinars (approximately 3,200 dollars). In contrast, retirees who support their families receive higher pensions to account for their additional financial responsibilities. This structured approach ensures that retirees' pensions are reflective of their differing needs and family circumstances, providing a fair and equitable system of financial support for all retirees.
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