Kuwait Petroleum Corporation allocates end-of-service benefits for workers in the oil sector at a value of KD 1.53 billion.
11 January 2023, 12:00 AM
28 February 2023, 12:00 AM
Kuwait Petroleum Corporation (KPC) has an allocation for end-of-service benefits for workers in the oil sector at a value of KD 1.53 billion for the long-term disbursement to the employees totaling about 22,500 workers in the sector, reports Al-Anba daily.
According to reliable oil industry sources, all employees working in KPC and its subsidiaries on the salary scale are entitled to an end-of-service gratuity in the category of those who joined work before January 1, 2015, which is the date of entry into force of the financial remuneration – social insurance law No. 110/2014.
The total cost of the end of- service reward decreases and depends on the period of service of each employee, his position and the date of his retirement.
The law No. 110/2014 was issued on August 10, 2014 regarding the financial reward report for those subject to the Social Security Law, in which the financial reward replaced the end of service reward for Kuwaiti workers, and a maximum of KD 28,000 for those who have spent 30 years of service registered with Public Institution of Social Security.