RIYADH: Saudi Arabia on Wednesday made changes to the Social Insurance Law and has raised the maximum retirement age to 65.
However, the General Organization for Social Insurance (GOSI), has clarified that the new Social Insurance Law will apply only to new employees joining the workforces in the public and private sectors who do not have any prior contribution periods in the current Civil Pension or Social Insurance Laws.
Meanwhile, GOSI also informed that the provisions of the current Civil Pension and Social Insurance laws will continue to be effective for current contributors “with the exception of provisions related to the statutory retirement age and the required contribution periods for pension eligibility prior to reaching the statutory retirement age for contributors with less than 20 years of service and those with ages below 50 Hijri years as of the date the amendments come into effect,” said a Saudi Press Agency report quoting a GOSI statement.
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