During a press conference broadcast online yesterday, the General Federation of Bahrain Trade Unions presented its comprehensive vision for labor market reform, social insurance and the sustainability of pension funds.
The Secretary-General stressed that this vision aims to achieve a balance between providing a decent life for retirees and their families, and preserving social insurance funds from disability and justice in compensation for retirees on the basis of solidarity and among all workers and employees participating in social insurance, and not exploiting a category at the expense of another in an unfair transfer of wealth.
The Secretary General also stressed that correcting the reality of the labor market has become a vital requirement not only for supplementing and sustaining pension funds, but also for achieving growth and stability for national employment.
In his presentation, the Secretary-General concluded that implementing this vision would save up to 381 million dinars annually in the social insurance budget, by increasing revenues, additional contributions and investment returns, reducing expenditures, in addition to prolonging the life of insurance funds, as it would eliminate the average expected deficit. For the next three years (2021-2023) of 260 million dinars, it achieves an average surplus of 77 million dinars, which exceeds the annual deficit of the Authority in 2018 of 74 million dinars.
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