Government ministers, legislators and municipal officials will, from now on, have their pensions calculated based on their exact years of service.
Under the existing system, ministers are eligible for 80 per cent of their salary even if they are on the job for only one year, while the rest receive 50pc of their monthly wage for a four-year term.
However, the exact details of how the pensions will be calculated are still being discussed as a joint committee comprised of Cabinet ministers, Shura Council members and MPs are meeting today.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa told the GDN that any decision to revamp the pension system had to "start from the top".
"We have agreed to start with ourselves and that's from top to bottom," he said.
The meeting follows orders by His Majesty King Hamad to reach an agreement on a new overhaul to the country’s pension system as he threw out proposed amendments made by the government to give the board of the Pension Fund Authority more powers.
For the full report read tomorrow’s GDN