KD23 increase in retirees pension is periodic

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KUWAIT CITY, Aug 16: Informed sources revealed to Al-Rai that the total number of Kuwaiti retirees who receive a pension of less than 1,000 dinars per month is about 31,000, out of about 170,000 whose names are registered with the Public Institution for Social Security (PIFSS), reports Al-Rai daily. The sources indicated that women control the majority of the segment that receives a retirement pension of less than 1,000 dinars, with a rate of approximately 95 percent of the total beneficiaries.

The sources noted that the total number of insured persons subject to the “insurance” system is about 640,000, distributed as 430,000 insured, and about 132,000 living pensioners, in addition to about 75,000 who are entitled to a retirement pension.

The institute pointed out that according to the recorded data, the average pension amounted to about 1,300 dinars, which means that the average value of pensions paid monthly was approximately 221 million dinars per month. The sources pointed out that the average monthly pension varies from one sector to another, as it reaches about 1450 dinars for those insured in the government sector, to about 1850 dinars for those insured in the oil sector, and to about 1650 dinars for those insured in the private sector. Regarding the increase of 23 dinars for the pensions of retirees, the sources indicated that it is a periodic increase, and its entitlement is not linked to any targeted improvement in the salaries of retirees.

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