Gulf Daily News - 25/4/2006
BAHRAINIS will continue to benefit from pension plans even if they change their employment to another Gulf country. They will not have to cash in their pensions when they change jobs to another GCC state, Shura Council members agreed at their weekly meeting yesterday.
The scheme will also apply to other GCC nationals working in Bahrain who have to move to another Gulf state, or back to their respective countries.
The project was unanimously backed in principle by council members yesterday and will be voted on at the council's next session, before being submitted to the Cabinet.
Services committee secretary Ibrahim Nonoo said the proposal was also backed by the Pension Fund Commission (PFC) and the General Organisation for Social Insurance.
"The worker is entitled to this money, whether working in Bahrain or abroad," he said.
"He or she will collect their pension according to the benefits provided by their country and not the last country they worked in."
Mr Nonoo said the PFC believes that this scheme will mean more money for the commission.
"Bahraini government workers in other GCC countries will add their pensions to Bahrain's fund," he said.
"There are 350 government workers registered with other GCC government pension funds and we hope they will all be added to the country's fund, because this means more contributions.
Mr Nonoo said Gosi officials believe private sector workers' would be paying the same percentage, even if they work in another GCC state.
"Gosi believes there are no problems and this will ensure that Bahraini workers will be insured wherever they are," he said.
"There are 800 Bahraini private sector workers in other GCC countries and this small number wouldn't affect the fund's status, if the fund gives them their benefits when they retire."
MPs have already voted in favour of the project.