The Financial and Economic Affairs Committee met today to discuss proposals for amending Article (112 bis) of the Social Insurance Law issued by Emiri Order Law No. (61) of 1976. The committee approved proposals related to increasing the interest-free loan to 15 times the salary and raising the high-cost allowance to 250 dinars, reported Al-Qabas Daily.
Representative Shuaib Al-Muwaizri, the head of the committee, shared the outcomes of the meeting at the National Assembly’s media center. He explained that these proposals were slated for voting and finalization during the session on December 19, but due to the unfortunate passing of the late Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the session was not held.
Al-Muwaizri welcomed the issuance of ministerial decisions concerning the Qard Al-Hassan and the cost of living allowance, stating that the committee does not object to their issuance through a decision or approval from the National Assembly as long as the desired goal of raising the standard of living for all citizens is achieved.
Representative Daoud Marafi, the committee’s rapporteur, announced that the committee reached unanimous agreement on increasing the retirement pension from 7 times to 15 times, with flexible payment options ranging from 10% to 20%, or as per the pensioner’s preference. Additionally, if the loan is repaid in full, the pensioner may request it again, subject to a 25% repayment rate.
The committee will also 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 Kuwaiti public government and private sector employees, Chapter Five employees, retirees, individuals with disabilities, and those under the Public Assistance Law, from 130 dinars to 250 dinars.
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