بدءاً من الشهر القادم.. رفع استقطاع معاش التقاعد إلى 9.5% على الموظفين الجدد

The General Organization for Social Insurance will begin implementing a gradual increase in the pension contribution rate for new Saudi employees joining the insurance system after the date of 3/7/2024, starting from next July. The pension contribution rate will be raised to 9.5% of the total salary subject to contributions, which includes (basic salary, housing allowance, and monthly commissions), up from the previous contribution rate of 9%, while maintaining the "Saned" contribution at 0.75% of the salary subject to contributions, bringing the total monthly contribution for the employee to 9.75%.

Additionally, the contribution rate for employers will increase from 9% to 9.5% for the pension, plus 2% for risk allowance, and 0.75% for "Saned", resulting in a total monthly contribution for the employer of 12.25%.

The pension contribution rates will continue to rise gradually by 0.5% annually at the beginning of July each year until 2028, reaching 11% for both the employee and the employer by the end of this period.

It is worth mentioning that the minimum age for early retirement for participants in the new system is 55 years.

The "Insurance" organization announced via its website that one of the conditions for obtaining a pension is having 30 years of service (360 months) for the retiree, with a cessation of work subject to the provisions of the system when wishing to receive the pension.

It clarified that the retirement age in the new system is 65 years, although retirement can occur only 10 years before this age.

It was noted that the new system will include all new entrants to the labor market who do not have previous subscription periods under the civil retirement system or social insurance.

* Pension contributions for Saudis:

- Participants after the date of 3/7/2024

- 9.5% for the pension

- 2% for risk allowance

- 0.75% for Saned