On 18 April 2022, the Shura Council, and the Council of Representatives through Law No. (14) of 2022 (the "Social Insurance Law)" outlined amendments to the provisions of the Social Insurance Law, promulgated by Legislative Decree No. (24) of 1976. The Social Insurance Law, encompasses and governs the General Organisation for Social Insurance ("GOSI") within the Kingdom of Bahrain, relative to collecting social contribution by both employers and employees.
The employer's portion of the insurance subscription for Bahraini workers' pay will be increased by 2% as of May 2022, and by 1% at the start of each year from January 2023 to January 2028, bringing the total percentage of the employer's contribution to 20%. As of January 2023, the Bahraini worker's share will be increased by 1%, bringing the overall percentage of the worker's share to 7%.
Article 34 provides the criteria for the entitlement of employees to old-age pensions relative to their periods of active employment, and participation in the social insurance scheme, in the following instances:
The employee's services have been terminated before the age of sixty (60), or when the period of participation in the scheme has reached two hundred and fourty months (240). In this case, the due pension shall be reduced by an equivalent percentage based on the age of the employee, in accordance with Schedule 1 of the Social Insurance Law, at the time...
President Lee Jae-myung speaks at a Cabinet meeting held at Cheong Wa Dae on October 13. President Lee Jae-myung called for a stern response to the spread of false information regarding eggs rece...