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Monday , October 25 2021

Co-ops’ profits cut 2%

KUWAIT CITY, April 12: Informed sources told Al-Seyassah daily that there was an agreement between the Ministry of Social Affairs and the Federation of Cooperative Societies to reduce the governorate’s share of societies’ profits to 2% instead of the current 5%. The same sources said, there is consensus on amending the Decision No. 16/2016 on organizing cooperative work after several meetings were held between the two sides recently, explaining that there is a reduction in the percentage of employment in cooperative societies to 6% of the sales value instead of 7%.

The sources confirmed that these amendments will see the light of day very soon. They indicated that the representatives of the coops demanded the return of Umrah trips that were organized for the shareholders on an ongoing basis, and were suspended due to recent decisions, indicating that it is possible to return them according to the new amendments so that there will be strict control over them.

By Faris Al-Abdan Al-Seyassah Staff

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