Peer review of the Thirteenth Actuarial Valuation of the Kuwait Public Institution for Social Security (KPIFSS)
Project properties
- Partners: Kuwait , Direct Trust Fund
- Status: Completed
Description
Social Insurance Law of Kuwait requires that the Board of Directors of KPIFSS designate one or more actuaries to examine the financial situation of the Institution at least once every three years and the commutation process at least once every six years. The Actuary - Chief of Studies & Research Office of the KPIFSS wrote to ILO on 20 January 2016 to request the cooperation of the ILO on the thirteenth actuarial valuation as of 31 March 2016. The Actuary - Chief of Studies & Research Office of the KPIFSS, in-charge of the thirteenth actuarial valuation has agreed that, as was the case for the tenth, eleventh and twelfth actuarial valuations, the ILO will provide a peer review of the thirteenth actuarial valuation to be conducted by an independent actuarial valuation team. The actuarial valuation covers the basic and the supplementary systems as well as the increment fund for the civilian, military and self-employed schemes. The actuarial valuation will cover pension benefits and the newly introduced end-of-service indemnity. It will also cover the analysis of commutation process. It is understood that the thirteenth actuarial valuation will adapt and apply ILO actuarial models developed for previous actuarial valuations of the fully-funded and defined-benefit KPIFSS schemes. The ILO certification is sought in view of the appreciated unique position of the ILO to deliver technically sound and neutral advice recognized by all social partners.SDG
Goals
- End poverty in all its forms everywhere
- Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Time
18.09.2017 - 01.03.2020
Budget
171 894 / 171 894
Development Cooperation
Timeline of linked projects
58
KWT/16/50/KWT
09
18
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03
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KWT/16/51/KWT
First Actuarial Valuation of the Unemployment Insurance Fund administered by the Kuwait Public Institution for Social Security (KPIFSS)
57
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2018
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2019
Kuwait - Comprehensive actuarial and financial review of the social security system conducted (country programme 2018-19)
822