Feb 19 , 2022
Two proclamations to govern public and private pension scheme were approved by Parliament during an extraordinary session last week. A provision in the public pension fund proclamation states the pension contribution for members of the military and police forces has been increased to 40pc from 32pc. A third of the contributions is to come from the government, while members cover the balance. Both the public and private pension proclamations have permitted the funds to get involved in investment ventures. This was previously restricted to investments in the central bank's treasury bills and other ventures approved by the Ministry of Finance. The new regulations allow the management boards of the respective funds to decide on their ventures. An adjustment period for payouts was also introduced to both funds. Based on the status of the pension fund and the prevailing living conditions, the funds may determine the monthly minimum pension amount and adjust pension benefits every three years, according to the legislation.
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