Retirees loan interest reduced by 2.5 percent

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KUWAIT CITY, Jan 6: The interests of loans granted to retirees have been reduced by 2.5 percent, reports Al-Anba daily quoting legal sources. They praised the move, stressing that the current interest of 6.5 percent is relatively high compared to the interest rate specified by the Central Bank of Kuwait for consumer loans.

The sources said reducing the age limit for retirement will negatively impact the budget of the Public Authority for Social Security, and the deducted amounts will not cover the pensions. Regarding the appointment of senior officials, the sources said it is the right of the executive authority, adding that the relevant law has been amended to guarantee equal opportunities for all the candidates.

Concerning the work of the committee that is working on restoring the revoked citizenships, the sources said the committee has not issued any information in this regard.

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