2024-05-01 06:00:06
Today we explain the most important reasons that led to raising the retirement age to 65 instead of 60, and why this decision was taken by the King at this time, especially since the Kingdom of Saudi Arabia is preparing for major changes, whether social. or financial, and we can say, whatever the reasons, that this decision will contribute to improving the standard of living of citizens, and will allow them to benefit from greater well-being, while alleviating many burdens that weigh on the government. Find out in detail the reasons for the extension and the most important criteria for requesting a military retirement through this article.
Reasons for extending the retirement age
Reasons to extend the retirement age to 65 from 60
After a decision was recently made by the General Pension Agency to extend the specified retirement age to 65 instead of 60, while also making some changes to the Retirement Act, these changes will be applied to retirement systems, whether military or military. civil, and we can examine the reasons for the extension as follows:
- The government’s willingness to strive to close any existing financial gap in the private pension sector in Saudi Arabia.
- This move will help increase experience and benefit from more experienced employees.
- Work to increase the period of productive service of workers.
- This decision improves the standard of living of individuals over longer periods and improves the well-being of employees after retirement age, as well as their families.
- Reduce the many pressures on the specified retirement fund.
Criteria and conditions for applying for military retirement
There are certain important criteria and conditions set by the Saudi government for a Saudi citizen to apply… Military retirementAnd get the salary for it, which can be highlighted as follows:
- The pension applicant must have previously held a military post.
- The applicant for military retirement pension must have completed military service for a period of at least 18 years.
- Saudis have the right to apply for retirement after reaching the age of twenty, provided that the duration of military service is not less than 8 years.
- In the event of a request for early retirement, the duration of military service carried out must not be less than 15 years.
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