Last Updated on 2 years by News Admin
In 2019, the amount provided to pay pensions to retired civil servants and Government’s counterpart contribution to the NIS for civil servants currently employed is $ 72.6 million. This amount is comprised of:
Pensions $60.2 m
NIS Contribution $12.5 m
The government is looking towards pension reform in order to address its increasing outlays on this item of expenditure, which has been the single fastest-growing item of recurrent expenditure over the recent past.
Transfer payments to local, regional, and international organizations, and individuals are estimated at $123.6 million in 2019.
This figure represents an increase of 3.8 per cent relative to the approved 2018 budget. A summary of the expenditure items that make up this heading are as follows:
|Grants and Contributions||$91.2 m|
|Social Assistances||$ 19.6 m|
This item of spending covers the payment of public assistance to the needy and vulnerable, scholarships and other financial support for tertiary education and grants and contributions to local, regional and international organizations.