A PROPOSAL to study the establishment of an Emergency Pension Reserve Fund has been unanimously approved by MPs.
It was put forth by five legislators led by Parliament’s public utilities and environment affairs committee vice-chairman Bader Al Tamimi, with Speaker Ahmed Al Musallam as signatory.
It suggests that the fund should operate as a sovereign wealth fund, investing in foreign financial assets to generate sustainable returns.
Its funding model would be similar to Bahrain’s Future Generations Reserve Fund, ensuring financial independence without burdening existing pension contributors.
MPs who presented the proposal pointed out that it aligns with Article 5(c) of the Constitution.
According to an explanation provided by Mr Al Tamimi during the session yesterday, the Emergency Pension Reserve Fund would support the pension and social insurance fund to address actuarial deficits.
“It will ensure financial security for current and future pensioners and guarantee long-term sustainability of pension payouts,” they added.
Parliament’s financial and economic affairs committee endorsed the proposal, acknowledging its importance in light of the current challenges facing Bahrain’s pension system.
The Social Insurance Organisation supported the proposal’s objectives, noting that both the legislative and executive branches have been actively working on reforms to extend the lifespan of the pension system. However, it highlighted that the matter falls outside its jurisdiction and would require co-ordination with relevant government entities.
Meanwhile, a proposal urging ministries and institutions to grant full-time leave to national team athletes during regional and international competitions was also unanimously approved.
Five MPs led by second deputy speaker Ahmed Qarata, who put forth the proposal, argued that the leave would enable athletes to dedicate themselves to training and competing at the highest levels.
Also unanimously approved was a proposal to establish the Higher Institute for Youth Training and Qualification to equip young Bahrainis with practical skills for the labour market.
The proposal by Lulwa Al Romaihi would see the new institute, affiliated with the Labour Ministry or Tamkeen, offering two-year diploma programmes in various vocational fields for high school graduates.
Other proposals unanimously approved and referred to the Cabinet for review are:
* Constructing a multi-storey community hall in Capital Governorate Constituency Seven.
* Temporary electricity and water connection for homes and buildings under construction.
* Opening housing services’ offices across Bahrain’s four governorates.
* Developing the Sitra Central Market.
MPs also unanimously approved the amended protocol of the World Trade Organisation set-up - Marrakesh Agreement to include rules for the fishing sector and referred it to the Shura Council for review.
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