Saudi Pension Agency suffers SAR 80 bln deficit: Shura member

Saudi Arabia's Public Pension Agency (PPA) has been suffering a fiscal deficit of SAR 80 billion, the Okaz newspaper reported on Tuesday, citing Hani Khashogji, member of the Shura Council’s management and human resources committee.

The agency has received only SAR 5 billion in subsidies from the finance ministry, he said.

Moreover, PPA was forced to use its investments to plug a significant actuarial deficit in military pensions, Khashogji added.

According to official figures, the number of beneficiaries and pensions in Saudi Arabia doubled over the last decade from 370,000 persons with total pensions of SAR 25 billion in 2007, to 770,000 with SAR 66 billion pensions by the end of 2016.