the public institute for social security (pifss) is responsible for the welfare of a large segment of people on pension and their heirs. it is the law which was issued in 1976 and is one of the best social security laws in the world.
a senior official told me about the rampant corruption inside the institution immediately after the liberation and asked me to write about the subject, but was unable to provide material evidence of his claims which proved to be true later but all these billions stolen from the institution has nothing to do with the nature and integrity of its work and vital role it plays in society.
those who frequently launch negative campaigns and severely attack the institute does not believe that it is not a private company or farm but a public property.
the income of the insured, whether in the form of installments from the insured or the entity in which he/she works or the benefits being paid on the sale of a percentage of the pension is the money of all the insured and must not go into the pockets of the managers, therefore all claims that the institute is making fabulous benefits are baseless and have been rejected by the judiciary.
a person who sells part of his pension and describes what was deducted from salary as a gross profit or usury because it reached 81% for example after 20 years has inevitably no knowledge about economy.
the work of the security institutions, investment companies and banks of all kinds is based on the operation of the capital of the institution or the bank, and deposits of its customers granted in loans to various sectors of business and thus make the profits to the shareholders of the institute or bank, and these rates are almost equal in all countries that enjoy free and stable economies.
the profits of pifss are often within those internationally recognized rates, assuming that they are slightly higher they do not go into a specific person’s pocket; they are added to the balance of all those covered by the social security, therefore we reiterate that all charges against the institute are baseless and serve electoral purposes, especially what some have said that every kuwaiti pensioner in the pifss has a balance of 300,000 dinars reserved in his/her name and that the institute takes the profits of each pensioner and that the earnings of each pensioner is 15,480 kuwaiti dinars annually that should be distributed to them.
i do not know how many exclamation marks i should put here. i am personally willing to borrow any amount from any one and return it after 20 years in double, that is to say 100% of its original value. thus the objectors of higher interest of pifss sell me part of their pensions and lend me the amount for the same period, and make 19% difference for themselves.
referring to the article last tuesday entitled ‘ministers fatal mistakes” some dignitaries contacted me to explain the hidden reasons behind the decision of the late sheikh saud al-nasser to stop sending employees in the arab oil company on scholarships abroad after becoming oil minister.
the decision was made for several reasons, the most important of which was that the company did not pay the costs of the scholarships from its own account, as it claimed, but from the profits of the company and the expenses were deducted from those profits before they were submitted to the ministry of finance. this was a constitutional violation and it was therefore necessary to stop the scholarship system to stop the violation, upon the advice of the then minister of finance.