Khaberni - Mohammad Khreis, the Director of Research and Studies at the Social Security Corporation, stated that the graduation to early retirement by adding six months each year will continue until 2047 for males to reach 30 years of service, and until 2041 for females to reach 25 years of service.
Khreis clarified that the duration for implementing the graduation spans 21 years for males and 15 years for females, emphasizing that this approach ensures justice among contributors and gives them ample time to make their retirement decisions, according to Al-Mamlaka.
Khreis also pointed out that the social security system includes multiple tiers for early retirement, highlighting that each individual who reaches the mandatory retirement age and meets the conditions for early retirement under all the active early retirement tiers will benefit from this option.
Khreis further elucidated that anyone who completes 25 years of subscriptions, whether male or female, and reaches the age of 45, can retire early, while at the age of 50, it is required to have completed 21 years of subscriptions for males and 19 years for females.
He indicated that the implementation of the amendments will start gradually beginning from 2030, with the preservation of the age fifty as a basis for early retirement.
Khreis affirmed that many observations have confirmed that the additional months might be impactful for the participants, although the amendment is fair and grants equal and just rights to everyone.
Khreis said that this transitional phase aims to enable individuals who are candidates for retirement, especially early retirement, to take sufficient time to contemplate and make the most suitable decision regarding their retirement future.
Prime Minister Jaafar Hassan said that the government has adjusted the draft of the social security law so that it will not affect any entitlement to early, mandatory, or optional retirement in the next four years at all.
During his leadership of the council of ministers session on Tuesday, the Prime Minister mentioned that the application of the law will begin in 2030 in a gradual manner over the following ten years, and up until 2040 for mandatory retirement for both males and females (i.e., it will not be fully implemented until 14 years after it becomes effective, in terms of mandatory retirement).
In terms of early and optional retirement, the Prime Minister clarified that its application will also start after 2030 in a phased manner until 2047 for males and 2041 for females. (Thus, it will be fully implemented after 21 years for males and 15 years for females regarding early and optional retirement).
Hassan revealed that the amendments maintain the five-year or 60 subscription differential between women and men in early retirement as it was, and as it is also for mandatory retirement.
The Social Security Corporation published on its website on Tuesday the results of the eleventh actuarial study, which is conducted every three years as stipulated by Article (18) of the Social Security Law.
