Riyadh: Saudi Arabia has increased retirement age. The country has introduced a new social security law, which raises the maximum retirement age to 65.
The General Organisation for Social Insurance (GOSI), has clarified that the new Social Insurance Law is applicable exclusively to new civil employees joining the public and private sectors, who do not have any contribution periods in the current Civil Pension Law or Social Insurance Law.
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The retirement age for covered groups will gradually increase from 58 to 65 years, starting four months beyond the current retirement age based on the participant’s age when the amendments take effect. The current retirement and insurance systems will remain unchanged for participants aged 50 and above, or with 20 or more years of contributions at the time of the amendments.
GOSI stated that the statutory retirement age for individuals affected by the amendments will range between 58 and 65 Gregorian years. While for early retirement, the required contribution period will range from 25 to 30 Gregorian years, with a gradual increase starting with an addition of 12 months to the current required contribution period, depending on the contribution period at the date the amendments come into effect.
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