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Thursday , August 11 2022

Authority takes steps to establish ‘investment entities’ for retirees

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KUWAIT CITY, Nov 2: The Public Authority for Social Security (PIFSS) has taken several steps to establishing investment entities in a number of sectors, in which retirees can subscribe in order to achieve viable and sustainable returns, reports Al- Jarida daily. The sources explained this trend is in line with the directives of HH the Crown Prince Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah to “give more and take care of retirees” by making them partners and beneficiaries in these establishments, such as developing investment projects that allocate part of its profits to them.”

Meanwhile, the sources have denied rumors about distributing funds to retirees, saying the PIFSS law forbids even an idea of distributing cash in light of the actuarial deficit estimated at 20 billion dinars, in addition to the fact that the profits recorded by the PIFFS until the middle of this year were the result of exceptional performance in global markets. There is no guarantee that it will be repeated in the future.

The sources pointed out that the new companies that will be established by PIFFS will be specialized in profitable sectors, and will provide long-term returns to all shareholders, stressing that the shares offered for subscription will not be a free grant but will be paid in cash. The sources indicated that the companies will be offered for subscription at intervals, not at once, as one company will be offered each year, and it is estimated that its capital shall not be less than 100 million dinars, stressing that the corporation is keen to offer the best investment opportunities for retirees by completing feasibility studies and knowing the extent to which they achieve benefit. In the meantime, the Farwaniya Municipal Council Committee has submitted a request to the Kuwait Municipality to offer the plots of land overlooking the Jaber Stadium in Jleeb Al-Shuyoukh, Block 4 off the Sixth Ring Road, to an investment company, similar to the plots overlooking the east of the area after a detailed report is provided in this regard by the committee, reports Al-Rai daily.

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