Peer review of the Thirteenth Actuarial Valuation of the Kuwait Public Institution for Social Security (KPIFSS)

Social Insurance Law of Kuwait requires that the Board of Directors of KPIFSS designate one or more actuaries to examine the financial situation of the Institution at least once every three years and the commutation process at least once every six years. The Actuary - Chief of Studies & Research Office of the KPIFSS wrote to ILO on 20 January 2016 to request the cooperation of the ILO on the thirteenth actuarial valuation as of 31 March 2016. The Actuary - Chief of Studies & Research Office of the KPIFSS, in-charge of the thirteenth actuarial valuation has agreed that, as was the case for the tenth, eleventh and twelfth actuarial valuations, the ILO will provide a peer review of the thirteenth actuarial valuation to be conducted by an independent actuarial valuation team. The actuarial valuation covers the basic and the supplementary systems as well as the increment fund for the civilian, military and self-employed schemes. The actuarial valuation will cover pension benefits and the newly introduced end-of-service indemnity. It will also cover the analysis of commutation process. It is understood that the thirteenth actuarial valuation will adapt and apply ILO actuarial models developed for previous actuarial valuations of the fully-funded and defined-benefit KPIFSS schemes. The ILO certification is sought in view of the appreciated unique position of the ILO to deliver technically sound and neutral advice recognized by all social partners.

Project symbol

KWT/16/50/KWT

Admin unit

SOCPRO

Start date

18/09/2017

End date

01/03/2020

Total allocation

171894

Total expenditure

Status

Closed

171894

Development Partners

Kuwait, Public Institute for Social Security

Country/Countries

Kuwait

Outcomes

Outcome 8: Comprehensive and sustainable social protection for all