In a significant move to fortify the financial standing of the General Organization for Social Insurance, Dr. Saad Al-Barrak, the Deputy Prime Minister and Minister of Oil, along with his role as Acting Minister of Finance, announced the initiation of procedures to transfer ownership of three lands spanning 842,000 square meters, reported Al-Rai Daily.
With an estimated value of 2.5 billion dinars, these lands will be utilized to support retirees, reducing the actuarial deficit and ensuring the institution’s long-term sustainability.
Under the directives of the nation’s political leadership, the transfer aims to reinforce the Public Institution for Social Security’s capacity to meet its commitments, particularly in securing a dignified life for citizens and retirees.
Al-Barrak emphasized that this landmark initiative underscores the unwavering dedication of the political leadership to safeguarding the welfare of the people and sustaining the nation’s economic and social welfare.
The transfer of ownership is set to provide a substantial boost to the General Organization for Social Insurance, affirming Kuwait’s commitment to the well-being and prosperity of its citizens, both present and retired.