The Public Institution for Social Security has a strange story. Despite having substantial income sources, including the monthly dues that around 160,000 retirees used to pay, and the various investments, it suffers from an actuarial deficit. The institution was once praised for its efficiency in processing transactions through the so-called “comprehensive employee” system.
However, it seems that it has now caught the same illness of procrastination and inefficiency that plagues many other public institutions. It has become yet another official entity that contributes to disguised unemployment. Based on a new policy, retirees now have to wait between five and six months to receive their first pension. The fresh retirees, as the saying goes in Sham, are left with no choice but to “hang their tongue on the wall and tie a stone to their stomachs” to ease the pain of hunger during these months of agonizing wait.
If this retiree is a debtor, his situation becomes even more severe, especially with the recent activation of the debtor arrest action, even for small amounts of debt. There is no doubt that he will be imprisoned until the debt is repaid. May God help the personnel in police stations and detention centers, as they will face considerable congestion shortly, especially from elderly retirees, due to the enforcement of debtor arrests and imprisonment. It is worth noting that the creditor who extends loans to those who cannot afford repayment should be held accountable. However, the state has not considered this fact. The debtor, particularly from this category, finds himself at the mercy of the employees of the Public Institution for Social Security, usurers, or other creditors. Returning to our topic, booking appointments “online” at the institution has only added salt to the wound. There is a lot of talk circulating about how many of these appointments are either fictitious or reserved exclusively for friends and relatives. This procrastination in completing transactions is a major problem for retirees who are left powerless to act.
We must relieve these individuals as much as possible. Is it reasonable for the institution to take four to six months to settle the retirement account of every retiree? Where is the modern technology that we are constantly hearing about? Retirees deserve to be treated with great care and respect. They have dedicated their entire lives to serving the country, and it is now time for them to enjoy the remaining years of their lives and their retirement salaries. A lazy employee should not add to the suffering of retirees or push them toward frustration. Employees must do their job to the fullest, as they too will eventually retire, and as they sow, so shall they reap.
These 160,000 retirees have their financial commitments. Therefore, if the state does not take action to secure the livelihoods of retirees using the funds deducted from their salaries throughout their careers, it will lead to even greater suffering for them. As we have mentioned repeatedly, this money must be managed by brilliant minds in economics and investment to ensure that the Kuwaiti people can benefit from it.
When Dr. Noura Al-Fassam was appointed Minister of Finance, Economic Affairs, and Investment, we were optimistic because she is a seasoned expert in her field. This appointment means she is well aware of the struggles retirees are facing. Dr. Al-Fassam can use the institution’s funds to improve the lives of retirees, who rely solely on their pensions for income. Therefore, it is the minister’s responsibility to prioritize the welfare of retirees while simultaneously increasing the institution’s investments and profits. The institution’s funds should not be used for employee bonuses. The majority of Kuwaitis eagerly await the end of each month to receive their pensions. The Public Institution for Social Security is a source of income for approximately 160,000 citizens, and this number is steadily growing.
