On Tuesday, His Highness the Amir Sheikh Tamim bin Hamad al-Thani released Law No. 1 on Social Insurance, Law No. 2 on Military Retirement, and Amiri Decision No. 18 of 2022 on Increasing Retired Individuals' Pensions.
The GCO outlined the significant features of the new laws. As follows:
- The minimum pension must be at least QR15,000
- The pension will be supplemented by a housing allowance of no more than QR6,000
- Pensioners who reach retirement age with a contribution duration of 30+ years will be awarded Bonuses.
- If a female employee resigns to care for her special needs children, she can preserve her pension without any reductions if she has worked for at least 20 years.
- The Public Treasury will bear the expense of the nominal service period completing the 25-year requirement.
- All funds owed are eligible for reduction and payment through simplified installments.
- In the event of the pensioner’s death, The laws govern the transfer of a pension payment right to a beneficiary. Non-Qatari
children of Qatari retirees, non-Qatari widows, non-Qatari parents, and non-Qatari siblings are among the beneficiaries. - If there are no other beneficiaries, the widow's pension will be increased to 100%.
“These laws meet the aspirations of retirees and ensure a decent life for them and their families.” tweeted by Government Communications Office (GCO)
Today, HH the Amir Sheikh @TamimBinHamad issued Law No. 1 of 2022 issuing the Social Insurance Law, and Law No. 2 of 2022 on military retirement. These laws meet the aspirations of retirees and ensure a decent life for them and their families. pic.twitter.com/lPH5K8QNk7
In the case of Social Insurance Law, The GCO also highlighted that All citizens in the public and private sectors are subject to the terms of the Social Insurance Law. Insured private sector employees' average pensions will be determined using the average wage over the previous three years of employment rather than the previous five.
Under the Military Retirement Law, GCO indicated that a specialized allowance of no more than QR5,000 and a housing allowance will be added to the contributory account. While completing national service, national service recruits who do not hold civilian occupations are covered by insurance in the event of death, disability, or other events as legally defined.
The General Retirement and Social Insurance Authority stated that Qatar's new retirement system is one of the most generous in the world, with substantial insurance benefits in comparison to minimum and maximum pensions, length of service, contribution rate, and other pension eligibility conditions.
According to the authority, the issues that arose during the implementation of earlier retirement and pension systems have been addressed in order to ensure that citizens may obtain their insurance rights with simplicity in conditions. The authority praised the Cabinet and the Shura Council for working together to usher in a new age of social, economic, and human growth, as outlined in Qatar's National Vision 2030 and National Development Strategy 2018-2022.
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COVER IMAGE & SOURCE: Gulf Times
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