By a prime ministerial edict, taking effect in February 1995, a voluntary insurance for employers and self-employed persons has been established. Bahraini nationals, independent of whether they are residing in Bahrain or not, can get insurance against the contingencies of old-age, disability and death; they can also contribute to and draw benefits from the Bahraini family allowance scheme.
Within the fund of the General Organization for Social Insurance (GOSI) a special account for the insurance of employers, self-employed persons and persons working in liberal professions has been created. This special account is essentially supported by insurance contributions and returns arising from investment, but also by other resources allocated to it by the GOSI Board of Management.
Insurance contributions can be made on the basis of a self-selected hypothetical monthly income. The insured can alter his or her hypothetical income at a rate of 5 per cent annually. However, such income shall not fall under BHD 200 and shall not exceed BHD 1000.
Benefits are available in the form of either a pension or a lumpsum payment.
Reference: Prime ministerial edict No. 1 of 1995.
Legislation date: 25.01.1995
Implementation date: 01.02.1995