*** MPs Propose $1 per Barrel from Oil Over $40 to Fund Retiree Payments | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

MPs Propose $1 per Barrel from Oil Over $40 to Fund Retiree Payments

TDT | Manama
Email : editor@newsofbahrain.com

MPs have proposed funding retiree payments by allocating one dollar from every exported barrel of oil priced above $40.

However, the Ministry of Finance has raised concerns about earmarking public revenue for a dedicated fund, warning that it could destabilize the state budget.

The proposal, amended after discussions between the Services Committee and its sponsor, MP Dr. Ali Al Nuaimi, suggests annual payouts based on income levels. The proposal is set to be discussed in Parliament on Tuesday.

MPs have also recommended that the Ministry of Finance and National Economy manage the fund, invest its reserves, and oversee the annual payments through the Social Insurance Organisation (SIO).

The Ministry noted that the government already provides support to retirees through existing subsidies and budget measures. A joint committee is still evaluating potential changes to financial assistance for low-income citizens, with discussions ongoing.

The Military Pension Fund expressed support for helping retirees but emphasized the need to ensure long-term pension stability.

The Al-Hekma Retired Society supported the proposal but argued that the payments should reflect the previously canceled three percent pension increase, which they believe should be reinstated.

The Services Committee has recommended that Parliament approve the revised bill.