Taking advice from an independent body on the feasibility of the company, Abdul Wahab Al-Rasheed, Minister of Finance, announced that the Board of Directors of the Public Institution for Social Security (PIFSS) has approved establishing a company which is fully owned by the institution to aid retirees.

It was reported in a local Arabic newspaper, citing Al-Rasheed, that the Board of Directors recently approved an amendment to the Insurance Law to change the current replacement schedule to one with lower returns than the previous one.

In his explanation, he explained PIFSS has established a tendering process between offices and specialized consulting firms for providing consulting services to conduct a feasibility study on establishing a company that provides retirement financing services similar to the replacement system.

On July 8, 2020, the matter was discussed by the PIFSS Purchase Committee, which concluded to take action to obtain the regulatory authorities' approval for the sale./KL