Tuesday, July 16, 2024
Saudi Arabia increases Retirement Age to 65, as part of Saudi Vision 2030
The public and private sector employees in Saudi Arabia can now retire at the age of 65 years, up from 60 years old, thanks to initiatives like Vision 2030. Join Saudi Expatriates WhatsApp channel for latest updates on Saudi Arabia
The resolution, which was approved by the Saudi Cabinet during their most recent meeting chaired by Crown Prince Mohammed bin Salman, seeks to enhance the conditions of pensioners and guarantee residents a sustainable lifestyle after they retire.
- To guarantee residents a sustainable and secure life after years of service, the new policy targets specific groups of workers in public organizations.
- The General Directorate for Retirement Affairs has stated that this reform would be followed by significant changes to the social insurance system, which will probably result to increased pension benefits for employees. Recommend : Traffic accidents in Saudi Arabia reduced by 92%, with solar lighting
- There will be a four-month increase in the retirement age every month until the new maximum is reached, so the change will be gradual.
- Individuals whose ages are less than 48 years and 6 months as of the decision-making date will be subject to this policy.
- After this point in time, there will be no changes to the retirement age for those over 58 years and 4 months.
- The retirement age for younger workers, defined as those who are less than 29 years old when the policy is put into effect, will be set at 65 years. Most Viewed : Saudi Arabia's Domestic Workers salaries to be paid in Digital wallets
Saudi Arabia increases Retirement Age to 65, as part of Saudi Vision 2030
