LOC18:30
15:30 GMT
KUWAIT, Jan 10 (KUNA) -- Minister of Finance Nayef Falah Al-Hajraf on Wednesday emphasized eagerness of the Public Institution for Social Security (PISS) on providing dignified living conditions for retired Kuwaitis.
Al-Hajraf made the stress today as the National Assembly discussed proposed bills on reducing the age of retirement as well as banning any interest on PISS loans.
He said that any decision to be taken in that respect would not only impact employees in service but also the retired. The minister called for seeking help from an "international neutral consultancy."
PISS is the body concerned with securing dignified living conditions for the retired, according to its decree of establishment and relevant laws, the minister told the session.
Al-Hajraf noted that the institution is hard at work to serve that the retired, support and protect them.
He reviewed up to 21 laws and decree-laws, issued starting from 1977, on regulating social security in Kuwait.
These laws have become the network that obviously governs the relation between PISS and the society, he said.
The minister said that pensions presented by PISS jumped from KD 22 million (USD 700 million) in 1990, to about KD 2.237 billion (USD 7.5 billion in 2016." (end)
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