Parliamentarians hope to keep pension funds well oiled by channelling a big slice of any profits their way when oil prices in the market are booming.
A group of five MPs, led by Strategic Thinking Bloc spokesman Khalid Bu Onk, has submitted a draft law aimed at securing a sustainable financial lifeline for Bahrain’s Social Insurance Organisation (SIO). The proposal was formally presented yesterday to Speaker Ahmed Al Musallam.
The draft law seeks to redirect a portion of oil revenues to support the pension system, whose financial challenges in recent years have forced the suspension of retirees’ annual increases.
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