Jordan Social Security: Early Retirement Gradual Increase to Extend to 2047 for Men, 2041 for Women

Alanbatnews -

AMMAN - Jordan's Social Security Corporation (SSC) is set to gradually increase the requirements for early retirement, extending until 2047 for men and 2041 for women, according to Mohammad Khreis, Director of Research and Studies at the SSC.

The gradual implementation, adding six months each year, aims to reach 30 years of service for men and 25 years for women, Khreis said.

Khreis clarified that the implementation period spans 21 years for men and 15 years for women, emphasizing that this phased approach ensures fairness among participants, providing them ample time to make informed retirement decisions.

The SSC's system encompasses multiple early retirement tiers, allowing those reaching the mandatory retirement age and meeting the criteria for any of the applicable early retirement brackets to avail themselves of this option, according to Khreis.

Individuals completing 25 years of contributions and reaching the age of 45 are eligible for early retirement, regardless of gender. However, reaching the age of 50 requires 21 years of contributions for men and 19 years for women, Khreis outlined.

The implementation of these adjustments will commence gradually from 2030, while maintaining the age of 50 as the baseline for early retirement, Khreis noted.

Many observations indicated that the monthly difference could be impactful for participants, despite the amendment being equitable and granting equal rights to all, Khreis acknowledged.

This transitional phase aims to empower potential retirees, particularly those considering early retirement, to carefully consider and make the most suitable decision regarding their retirement future, Khreis stated.

Prime Minister Bisher Al-Khasawneh previously stated that the government amended the draft social security law, ensuring that it does not affect anyone eligible for early, mandatory, or optional retirement during the next four years.

The Prime Minister clarified that the law's implementation will begin gradually in 2030 and extend over the subsequent ten years until 2040 for mandatory retirement for both men and women, meaning it will not be fully implemented until 14 years after its enactment, if approved this year, for mandatory retirement.

Regarding early and optional retirement, the Prime Minister explained that its implementation will also begin gradually after 2030, extending until 2047 for men and 2041 for women, meaning it will be fully implemented after 21 years for men and 15 years for women for early and optional retirement.

Under the amendments, the five-year or 60-contribution difference between women and men in early retirement, as well as mandatory retirement, has been maintained, Khasawneh revealed.

The SSC published the results of the eleventh actuarial study, conducted every 3 years under the provisions of Article (18) of the Social Security Law, on its website.