[Updated 3/27/23] Employee benefits in Kuwait are important for attracting the best employees, and this encourages employers to consider offering workers’ compensation, life insurance, medical insurance as well as group pensions and gratuity.
Nexus Insurance Brokers LLC
Kuwait has a state-funded health system that is ‘free at the point of entry’ for Kuwaiti nationals. Non-citizens who are residents of Kuwait are entitled to a health insurance card for which they pay an annual fee. Diagnostic services and treatment in hospitals are subsidized for the ex-pat community. Kuwaiti nationals do not pay for these services.
Private medical insurance plans are becoming popular because professionals are seeking this benefit from their employers.
Kuwaiti nationals’ retirement planning, along with protections, are covered by ‘the country’s social security system. It is mainly funded by the government, but a small percentage of salary is contributed by nationals towards this insurance.
The expatriate community does not have any structured financial planning for their retirement or other long-term financial needs.
Per the Kuwait constitution, in case of death, the employer is liable to pay a set amount of KD10,000 or above as employee life insurance. Also, the insurance should cover the disability at work by the immediate employer under workers’ compensation.
This information about employee benefits in Kuwait is provided by Nexus, Asinta’s employee benefits consulting partner in Kuwait.