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Thursday , August 18 2022

‘We’re still better off than Gulf’

This post has been read 13005 times!

A man passed by some people and asked them, ‘Where is your sane mind?’ They pointed to a person tied to a tree and said ‘That’s him’ – this is a popular saying.

A professor says: For its subscribers and retirees, the Public Institution for Social Security (PIFSS) is like a joint stock company for shareholders, and if the institution makes profits, there is nothing to prevent it from being distributed to its insured and retired people, taking into account that these profits would not have been achieved without their contributions and that the idea of the institution is based on interdependence and solidarity among the people of the same nation.

The one who says this is not a person who is fond of eating ketchup, or a reckless tweeter, rather, he is Ibrahim Al-Hamoud, Professor of law at the Kuwait University’s Faculty of Law, and head of the Public Law Department at the KU, and holder of a doctorate in financial disputes from a French university, and I do not know what the professor left for non-specialists like me to say in this area?

How can PIFSS be like the joint stock companies? Where did the professor get this analogy from while it has nothing to do with reality, law, goals, or results? Rather, the end contradicts with the beginning when he described the institution that its idea is based on interdependence and solidarity, so is there something in the philosophy of establishing joint stock companies called solidarity?

Does the retiree bequeath his share in the institution to his heirs after his death, other than his children receiving the monthly pension until they reach a certain age?

If we assume that what he said is true, and this is far from that, the institution is currently complaining of a severe actuarial deficit of 17 billion dinars, and this will expose it to bankruptcy unless the government pays what it owes and remedy the bad financial situation.

Last week, Mr. Saleh Al-Aqili submitted his resignation as assistant undersecretary for the companies sector at the Ministry of Commerce and Industry and I do not know whether it was accepted or not?

My visits to the ministry during the difficult months of Corona and my daily contacts until now, with employees of the corporate sector, and what I saw of a great development in the way of completing transactions, and how much time and efforts were saved.

We hope that his resignation will be rejected, as he is young, qualified and full of energy and holds the highest university degrees and his exit from government work is a great loss.

Like others, and to a much greater extent, often, as a businessman, I am affected with the raise in fees on government transactions.

The Ministry of Justice recently hiked the fees of some of its services, but the former MP Riyadh Al-Adsani did not like that, so he tweeted complaining about this increase which in some cases was 500 percent.

However, a study by legal professor Abdul Karim Al-Jassar showed that the documentation fees have not changed in 60 years, and if there is an error somewhere, but a quick comparison of our fees with the fees of other Gulf countries, we will find that our fees are still the lowest.

e-mail: a.alsarraf@alqabas.com.kw

By Ahmad alsarraf

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