Shura to Approve Enabling Private Sector Employees to Purchase 5 Years of Virtual Service
2018-03-26 - 2:00 am
Bahrain Mirror: The Bahraini Shura Council is heading towards approving a bill by adding an Article 36 to the Social Insurance Law, which aims to grant insureds, working in the private sector, the advantage of purchasing years of virtual service within a period not exceeding five years.
The article stipulates that "the insured can ask to include a virtual service period to his insurance not exceeding 5 years, under the condition that the total service duration of retirement after the addition and following the end of his service does not exceed the limited period eligible for maximum retirement pension, in return for an additional amount he pays to the Public Authority for Social Insurance. This amount is specified according to the law."
The virtual period shall not be considered within the qualifying periods of the pension unless the insured has completed a period of contribution stipulated in Articles (34) and (37) of this Law.
In order to combine maximum virtual service in accordance with the provisions of this article, the insured shall not benefit from other added virtual years pursuant to any applicable pensions or insurance laws.
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