financial expert Safwan Qusay showed on Monday that there are not any issues about the salaries of retirees because of fluctuations in oil costs, noting that the salaries of this segment do no longer depend upon oil costs or sales.
Qusay stated in a statement to dinaropinions.com, “the difficulty of retirement and imparting liquidity to the retiree phase isn’t connected to grease sales, as a percent of about 10 percentage of the employee’s nominal earnings is deducted from his profits, at the same time as the Ministry of Finance can pay approximately 15 percent on his behalf, and these amounts are deposited inside the retirement fund.”
He brought, “The amounts deposited inside the retirement fund are supposed to be invested by means of the Retirement Authority to combat inflation and growing fees, and to achieve an excellent economic go back that enhances the fund’s capability to keep.”
He explained that “there is a possibility for the Ministry of Finance to help the retirement fund with additional amounts inside the form of subsidies, and donor nations also can make contributions to it, given that the fund is subject to the supervision of the worldwide economic Fund, which ensures the rights of retirees and isn’t linked to grease revenues.”
