First Actuarial Valuation of the Unemployment Insurance Fund administered by the Kuwait Public Institution for Social Security (KPIFSS)
Project properties
- Partners: Kuwait , Direct Trust Fund
- Status: Completed
- Evaluation available: Final
- This project is part of the Global Flagship Programme on Building Social Protection Floors for All
Description
Social Insurance Law of Kuwait requires that the Board of Directors of KPIFSS designate one or more independent actuaries to examine the financial situation of the Institution at least once every three years. The Actuary, Chief of Studies & Research Office of the KPIFSS wrote to the ILO on 20 January 2016 to request the cooperation of the ILO on the First Actuarial Valuation of the Unemployment Insurance Fund (UIF) administered by the KPIFSS as of 31 March 2016. The Law on Insurance Against Unemployment (Law 101 of 2013) has been issued in April 2013 and implemented in May 2013. The Law covers employees working in the private and in the oil sectors. The contributions are at 1 per cent of insurable earnings, 0.5 per cent being paid by the employer and 0.5 per cent being paid by the insured member. In addition, the State Public Treasury pays 0.5 per cent of the total basic and supplementary insured salaries of the employees to the UIF. For entitlement to a compensation, the insured person: • Shall not be less than the age of 18 years and no more than the age of 60 years. • Should complete the determined period for entitlement to a compensation in accordance with what is provided under the law; to be at least 6 consecutive months prior to entitlement to a compensation. • Should be able to work. • Should not be entitled to retirement pension disbursement The insured member who is entitled to the unemployment compensation receives a monthly amount corresponding to 60 per cent of the salary on which the retirement pension is assessed of the basic pension, in addition to the pension to which he/she is entitled with his supplementary insurance, on the assumption that he/she is entitled for such pension. The maximum period of payment of the unemployment compensation is 6 months. After three years of operations, the implementation of the UIF needs to be further strengthened by a first complete actuarial valuation of the UIF. Participating in the actuarial review will allow the staff involved to enhance their skills related to this subject matter.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
Targets
- 1.3 Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable
Time
18.09.2017 - 01.03.2020
Budget
199.702 / 199.702
Development Cooperation
Timeline of linked projects
57
KWT/16/51/KWT
09
18
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03
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2020
09
18
2017
03
01
2020
KWT/16/50/KWT
Peer review of the Thirteenth Actuarial Valuation of the Kuwait Public Institution for Social Security (KPIFSS)
58
01
01
2018
12
31
2019
Kuwait - Comprehensive actuarial and financial review of the social security system conducted (country programme 2018-19)
822