Minister of Finance, Abdul Wahab Al-Rasheed said the Board of Directors of the Public Institution for Social Security (PIFSS) has given the nod to establish a company wholly owned by the PIFSS to finance the retirees, after taking the opinion of an independent body on the feasibility of the company.
A local Arabic daily quoting Al-Rasheed pointed out, that the Board of Directors agreed to amend some provisions of the Insurance Law by replacing the current schedule of replacement with another schedule with reduced returns from the previous one, according to the recommendations.
He explained PIFSS has taken measures to float a tender between offices and specialized consulting companies to provide consulting services for the feasibility study on the establishment of a company to provide financing services to retirees similar to the replacement system.
He added, the matter was presented to the Purchase Committee in the PIFSS on July 8, 2020, and the committee decided to agree to take measures to obtain the approval of the regulatory authorities to float that tender.
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