A Government team including His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, His Excellency Mr. Jameel bin Mohammad Ali Humaidan, Minister of Labour and Social Development, His Excellency Mr. Ghanem bin Fadhel Al-Buainain, Minister of Parliamentary Affairs today met with Mr. Mahmood Hashem Al-Kooheji, Chairman of the Board of Directors of the Social Insurance Organisation (SIO) and Mrs. Eman Mustafa Al-Murbati, CEO of the SIO, to discuss an urgent reform package aimed at extending pension and insurance funds to 2086, recently approved by the Board of Directors of the SIO and submitted to the Government for further review.
The Government team stressed the need to prioritise the reforms that cannot be delayed, and the urgency of securing these pension and insurance funds to ensure their ability to meet their financial obligations towards 95,000 Bahraini retirees.
Mr. Mahmood Hashem Al-Kooheji, Chairman of the Board of Directors of the SIO, stated that these urgent recommendations were reached after reviewing the actuary’s report regarding the financial conditions of the pension funds according to the financial statements on December 31, 2018, which indicated that it is expected that the assets of the public sector pension fund will be depleted in 2024, and the private sector pension fund will be depleted in 2033.
Mr. Al-Kooheji noted the importance of implementing the urgent and necessary reforms to achieve the sustainability of the funds for the benefit of retirees, and pointed out that the SIO is dedicated to ensure current and future retirees are able to obtain all of their rights fairly and according to the laws in force.
For their part, the Government team stressed the need to start taking the necessary steps to save the funds and ensure their continued ability to fulfill their obligations, by working with the legislative authority, and all other relevant authorities, to extend the life of the funds and contribute to enhancing their sustainability for the benefit of the Kingdom’s citizens.