The size of the obligations in the retirement fund of the Kuwait Petroleum Corporation and its subsidiaries is about 36.57 million dinars.
The sources said the pension fund in the oil sector is for Kuwaitis which was set up on May 1, 1992 with the aim of providing complementary insurance benefits to the Social Insurance Law for Kuwaiti workers in the Kuwait Petroleum Corporation and its subsidiaries.
The private insurance fund provides the member at the end of his service with a retirement pension from the insurance fund in the event that the conditions for entitlement to the pension are met. In the event that these conditions are not met, an amount is disbursed from one payment, and the retiree is granted a reward for the actual subscription period that exceeds 30 years.
The fund is supervised by the Board of Trustees of the Kuwait Petroleum Corporation or its deputy and determines its competence. The General Organization for Social Insurance manages the Fund’s investments and pays pensions and compensations to beneficiaries.
The sources revealed that the private insurance fund for Kuwaiti workers in the oil sector is funded by subscriptions deducted from the salaries of members at a rate of 5.25% per month, and subscriptions paid by KPC to members at a rate of 8.5%.
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