A law seeking to lower the retirement age will not lead to diminished benefits nor will it infringe on the rights of retirees, Kuwait’s Finance Minister Nayef AlHajraf said on Tuesday.
The Kuwaiti minister’s remarks came amid a parliamentary session to discuss amendments to the country’s retirement system, including such factors as the age of retirement and the years of service needed before retirement.
Other factors under consideration are retirement pension rates and dictating the statutory retirement ages for men and women, he revealed, saying the new law will guarantee all retirees uninhibited rights.
Once completing the years of service required, which are 30 for men and 25 for women, retirees will be granted pension benefits immediately upon retirement, the minister explained.
The new law does not discriminate against women on the basis of marital status, granting married and single women equal rights, the Kuwaiti minister emphasized. The “fair and balanced” law also gives retirees greater liberty than ever before, he added.