Early retirement how many years in Saudi Arabia, The Public Pension Agency in the Kingdom of Saudi Arabia has set the retirement age, and has also indicated the cases in which it is possible to retire at an early age with full rights guaranteed, and we will learn through the early retirement age in Saudi Arabia and the conditions for early retirement, in addition to some other details of early retirement.
Saudi General Organization for Social Insurance
It is the body responsible for implementing the social insurance system, which aims to secure a decent life for citizens after retirement. In addition, the General Organization for Insurance provides medical care for retirees, and compensation for work injuries, or occupational disability cases as a result of an unintended accident. The Pension Agency and the Social Insurance Institution have been merged into one institution responsible for all retirees.
Early retirement how many years in Saudi Arabia
aEarly retirement for male employees who have completed 30 years of service, and for female employees who have completed 25 years. Also, 5% of the pension salary is deducted for those who retired before the retirement age, and 2% of the pension salary is deducted for those who retired before the retirement age.
Conditions for early retirement in Saudi Arabia
The following conditions must be met to obtain early retirement in the Kingdom of Saudi Arabia, which are:
- The length of service for the employees is more than 20 years.
- Obtaining the official approval of the retirement request from the responsible authorities.
- In the event of retirement for one of the compelling reasons.
- The age of the applicant for retirement should not be less than 60 years
- It includes early retirement in case of injury on the job.
- That the employee is unable to carry out the work.
- Early retirement is applied in the event of disciplinary or ministerial dismissal, provided that the employee spends 15 years in service.
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Categories eligible for early retirement in Saudi Arabia
Early retirement in Saudi Arabia is obtained in the following cases:
- If it is proven that the employee is medically unable to work.
- In the event of the employee’s sudden death, the retirement salary is paid to his family.
- An employee who has 15 years in the service when he is subject to military dismissal.
- The employee who has 15 years of calculated service which includes 8 years of military service.
- An employee who has spent 20 years of calculated service, which includes 8 years of military service.
- An employee who has completed the calculated service, which is a maximum of 18 years, which includes 8 years of military service.
Early retirement cases
There are some cases in which the retirement pension is suspended, and they are as follows:
- If the employee obtained a nationality other than the Saudi nationality.
- If he receives a retirement salary greater than the value of his basic salary.
- If it works in the general budget of the state.
See also: Conditions for early retirement in social insurance
How to settle a retirement pension
The settlement of the retirement salary in the Kingdom of Saudi Arabia takes place as follows:
- If the worker dies or stops working due to a disability, the retirement pension shall be paid at the rate of 70% of the original salary.
- In the event that the work stoppage was the result of an injury at the workplace, the pension shall be paid at the rate of 80% of the original salary.
- If the worker stops working due to a total disability, he will be paid a full pension salary in the amount of his original salary.
- In the event of the death of a military employee due to an injury in the workplace, a pension of the highest military rank shall be paid to him.
- If the military becomes completely disabled as a result of the nature of the work, the retirement salary shall be paid to him at the rate of 80% of the salary for the highest rank of his original rank.
Here we come to the conclusion of our article in which we got acquainted with Early retirement how many years in Saudi Arabia As we mentioned the conditions for early retirement in Saudi Arabia, we also reviewed the categories entitled to early retirement in Saudi Arabia, and the cases of stopping early retirement.
gosi.gov.sa , General Organization for Social Insurance, 09/03/2022