The General Organization for Social Insurance in the Kingdom of Saudi Arabia announced the launch of a new system, which made changes to some of the provisions of the United Retirement Law of retirement systems in the Kingdom.
The changes focused on specific categories of citizens and specific ages, as part of efforts to strengthen the labor market and provide better protection for citizens and their families.
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The most recent changes to the 2024 Unified Retirement Law are as follows:
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The new system aims to improve the protection of citizens and their families by increasing the efficiency of the labor market, which will give a good overview of the retirement systems in the Kingdom.
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The target groups have been identified by the new changes, namely citizens under the age of 50, who have subscribed to the civil retirement system or the social insurance system for less than 20 years, equivalent to 240 months.
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The new law is limited to new workers who have recently entered the labor market.
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For eligible categories, the ages are between 58 and 65 years.
Regarding the implementation of the changes, the General Organization for Social Insurance in Saudi Arabia has emphasized the following points:
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The new system will continue to be implemented, taking into account the regular retirement age provisions for the targeted groups before they reach retirement age on 3 July 2024.
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The retirement age for individuals aged 48 and six months has not been revised, and the retirement age for people over 48 years will be 58 years and four months.
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The future retirement age is set at 65 for new workers aged 29 or younger, which means that the retirement age for new retirees will be increased to 65.
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2024-08-14 17:40:01
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