PIFSS eyes amendments to insurance system

Board plans to up ceiling of supplementary insurance

KUWAIT CITY, Feb 10: The Board of Directors of Public Institute for Social Security has decided to raise the ceiling of the supplementary insurance to 1,500 dinars per month and to determine the salary of those who are subjected to compulsory insurance at a rate of 1,250 dinars per month, reports Al-Qabas daily.

In its decision, a copy of which has been obtained by the daily, the board of directors stated the optional subscription segments for the insured is from 1,100 dinars for the 11th segment increased by 100 dinars to reach the 15th segment. It stipulated the subscription should be optional for the “insured and beneficiaries of the basic insurance who wish to increase their pension even if they are subjected to mandatory supplementary insurance. This is also subject to the provisions of Chapter V of the Insurance Act whose segments of monthly income have reached the maximum stipulated amount.

According to the Public Institute for Social Security, the insured at the start of the subscription should pay monthly contributions of 25 percent for the segment he wishes to select and 15 percent for those who are subjected to the provisions of the fifth section based on the condition that deduction from the salary of the insured who is subjected to mandatory and optional supplementary insurance does not exceed the maximum salary.