Following HM the King's ratification of Law No.: 44/2014 amending clause 39 of the Social Security Law issued by Law Decree No.: 24/1976, the General Organsiation of Social Insurance (GOSI) affirmed its readiness to implement the law according to which a compound annual increment would be calculated to private sector pensioners instead of the simple increment.
GOSI's CEO Dr. Zakariya Sultan Al-Abbasi said that GOSI has completed all the necessary programming in order to implement the law and to defray the annual increment in January on due date.
Starting from next January, the annual increment for private sector pensioners would be compound instead of simple similar to that applicable in public sector, he said.
Al-Abbasi said that all 27,000 Bahraini pensioners would benefit from this increment which covers pensions, non-vocational disability remuneration, heirs of deceased pensioners, as well as full or fatal work injury pensions.
It is worth mentioning that the annual increment to private sector pensioners has been introduced since 2009 as per Law No.: 50/2009 according to which the increment was a simple increment.