Result achieved
Outcome summary
The Kuwait Public Institution for Social Security (KPIFSS) board adopted in April 2022 the recommendations of the 15th actuarial valuation of the KPIFSS Pension fund and 3rd valuation of the unemployment fund (as of 31 March 2019). Based on the recommen...
Outcome achieved
The Kuwait Public Institution for Social Security (KPIFSS) board adopted in April 2022 the recommendations of the 15th actuarial valuation of the KPIFSS Pension fund and 3rd valuation of the unemployment fund (as of 31 March 2019). Based on the recommendations, the Council of Ministers enacted Law No. 4 of 2022, which mandates an annual payment of at least 500 million dinars (USD 1.6 billion) from the General Treasury to KPIFSS each year until the full payment of the actuarial deficit. The delivery of the actuarial valuation and subsequent enactment of legislation enhances the financial sustainability and comprehensiveness of the social security system in Kuwait.
ILO's contribution to the outcome
The office provided technical assistance to KPIFSS and social partners to undertake the 15th actuarial valuation of the fund and produced a full actuarial report and actuarial opinion in line with international social security and actuarial standards.
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