Kuwait to extend financial support for owners of small, medium enterprises

KUWAIT CITY: The Ministry of Finance received a request to allocate KD225 million for the implementation of the decision of the Council of Ministers to grant financial support to employers registered under the Fifth Chapter of the Public Institution for Social Security (PIFSS), including the owners of small and medium enterprises (SMEs); in addition to doubling the financial support for Kuwaitis registered under the Third Chapter – private sector workers affected by the current exceptional circumstances caused by the coronavirus pandemic quoting reliable sources.

Sources explained “the idea of granting establishments a package of economic incentives aims to support and stimulate them for the economic wheel to continue moving, while ensuring the stability of national employment conditions in the private sector.”

Sources added the decision is aimed at helping the business owners by granting financial support to Kuwaiti employees under the third chapter. Sources said this will strengthen the establishments economically; while pointing out that “if the financial support is temporary and not directed towards the rightful beneficiary, it will neither be beneficial to the economy nor achieve the goal of protecting the interests of Kuwaiti employees.”