اقتصاد

The guarantee clarifies the mechanism for calculating the pension according to the amended draft law

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Al-Anbat -
Al - Anbat - NEVEEN - AL - JARRAH 


The General Organization for Social Security clarified the mechanism for calculating the average wage approved for calculating the retirement salary in accordance with the amended draft law for those whose contributions by January 1, 2023 are less than (120) contributions.

The Foundation said, in a press statement, today, Sunday, that the average wage on the basis of which the retirement salary will be calculated will be based on all wages of the insured covered by social security, with annual wages adjusted according to the inflation rates recorded in subsequent years to achieve the wage.


The Foundation added that previous wages that are included in calculating the average will be adjusted to reflect their purchasing power upon retirement, based on inflation rates in each of the years following their inclusion.

For the purposes of clarifying the calculation mechanism, the Corporation presented an example in which it assumed that the annual wage of the participant in the year 2023 is (500) dinars and the average annual inflation rate in subsequent years is 3%. In the year (2023) as it is on average, but it will be increased by the rate of inflation in subsequent years, that is, it will become (756) dinars instead of (500) dinars.
 
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