Bahrain: Over 6,000 Voluntary Retirement Applications in 7 days

Over 6,000 applications have been submitted for the Voluntary Retirement Scheme, a new initiative designed to streamline government revenues and increase private sector growth.

The scheme provides with early access to end-of-service packages and incentives consistent with existing laws and regulations, including access to a cash sum equal to five years’ additional service, end of service increments for those eligible and end of service indemnity.

This scheme also allows an opportunity to enhance contribution to the Kingdom’s economic growth through entrepreneurship or participation in the private sector.

To be eligible for this scheme, one must have completed ten years of service in the public sector, and cannot be working in a senior position.

The Voluntary Retirement Scheme represents one of a series of measures launched as part of the Fiscal Balance Program, a comprehensive package of reforms that will secure the Kingdom’s long-term fiscal stability and increase opportunities and living standards for citizens. Registration for the scheme will be open until 9 November.

 

Source Credit: BNA