Pensions History in Kuwait

Pensions History in Kuwait

Kuwait began its first pension scheme in 1966 within the public sector and civil employee retirement system. The first legislation regulating pensions was enacted in 1960. These regulations covered government, military and civil employees. The state of Kuwait’s social security system was set up in 1976 in accordance with Amiri Law Decree Number 51. The Public Institution for Social Security was thereby established to implement the Kuwaiti social security system, covering old age, sickness, death and disability insurance for public and private sector workers as well as the self-employed. Embed This Graphic On Your Site: <img src="https://s-media-cache-ak0.pinimg.com/564x/70/06/7d/70067d7e12c0fa4a5291af0f0fe27bc8.jpg" width='540'><br /><a href='http://www.fahadalrajaan.com/pensions-history-in-kuwait/'><br /></a></p><br /> <p>Pensions History in Kuwait[Infographic]</a></p><br /> <p></a> Insured Persons Kuwait’s social security system covers all Kuwaiti citizens who play an active role in the community, regardless of occupation. Fahad Al Rajaan, Director General, has presided over the Public Institution for Social Security since 1984. The social security system also protects third party employees working in any sector, as well as Municipal Council and national Assembly members and trainees for work sponsors and mayors, together with the freelance workers such as lawyers, engineers, physicians and shopkeepers as well as Kuwaitis working abroad. Funding for the Kuwaiti State Pension The Kuwaiti state pension is funded by contributions from the insured person, their employer, and the government’s State Public Treasury department. Employee’s are subject to mandatory deductions of a percentage of their monthly salary, much in the same way that British employees pay National Insurance. Employers pay double the employee’s contribution to the government. The Kuwaiti State Treasury pay an estimated 10% of their revenue to insured civilians, with 32.5% being...
The Ancient History of International Trading

The Ancient History of International Trading

International trade involves the exchange of goods, services and capital across territories and international borders. Its history is of great interest to Kuwaiti businessman and banking specialist, Fahad Al Rajaan. International trade took place throughout ancient times, including the Salt Road, Amber Road and Silk Road. The Fahad AlRajaan Flickr page features more details. The Salt Road In ancient times, salt was regarded as a precious commodity. It was distributed via the prehistoric Salt Trading Route. In the 2nd millennium BC, during the Bronze Age, fixed Salt Routes first appeared. Overland routes and roadways were constructed so that salt starved provinces could be served by those which were salt rich. The Italian Salt Road ran from Rome to the Adriatic coast, traversing an impressive 150 miles. Germany’s Old Salt Route ran some 62 miles and was used in medieval times to link the port of Lubeck with the Lower Saxon town of Luneburg. Luneburg grew rich from its salt; the town is first mentioned in German history as far back as the 10th Century AD. Luneburg was a power house during the Hanseatic League era, the town’s importance and prosperity declining from the 1600s onwards. The salt mines of Luneburg were closed in 1980. France’s Salt Route encompassed both inland and coastal areas, including Nice, Ventimiglia and the Saint-Martin-Vestibule as well as the Roya Valley, the Col de Tend pass and Piedmont. In Ethiopia, Africa, blocks of salt were carved from the Afar Depression’s salt pans, particularly around the Lake Afrera area. The salt blocks were then transported by camel to the Ficho and Atsbi areas of the Ethiopian...