Saudi Arabia's Shura Council is considering proposals to revise the investment strategy of the kingdom's social insurance fund in order to raise returns, the advisory body said in statement posted on state news agency SPA.

The Shura Council's finance committee also recommended that the General Organization for Social Insurance consider tying retirement benefits to the inflation rate, SPA said.

Saddled with a huge budget deficit due to low oil prices, the government of the world's top oil exporting country is looking at a wide range of reforms to save money, increase the efficiency of state spending and increase revenues.