GOSI lists categories covered by current retirement, insurance laws; beneficiaries of new law

Logo of The General Organization for Social Insurance (GOSI)

The General Organization for Social Insurance (GOSI) clarified the details of the Cabinet’s decision approving the new social insurance law, which only applies to new subscribers. The Cabinet also approved that the provisions of the civil retirement and social insurance laws will continue to apply to the current subscribers, excluding those related to the regular retirement age and the qualifying period for pension entitlement before reaching that age.

The organization indicated that the new social insurance law will only apply to new civilians joining the labor market in the public and private sectors, who do not have any previous subscriptions to the current civil retirement or social insurance laws.

Meanwhile, the provisions of the civil retirement and social insurance will continue to apply to current subscribers, who have subscription periods of less than 20 years and whose ages are less than 50 Hijri years old on the effective date of these amendments.

GOSI indicated that the regular retirement age for the covered categories will range between 58 and 65 years, with a gradual increase starting with four months over the current regular retirement age according to the participant’s age on the effective date of the amendments.

Furthermore, the subscription period required for early retirement will be between 25 and 30 years, with a gradual increase starting with 12 months over the current period required for early retirement in accordance with the subscription periods on the effective date of the amendments. Additionally, the current civil retirement and social insurance laws continue to apply without change to the remaining subscribers who reach 50 Hijri years of age and over or have subscription periods of 20 years or more on the effective date of these amendments.

The new law and the provisions related to the regular retirement age and the qualifying periods for pension entitlement before reaching that age will be effective from today, July 3, 2024. Beneficiaries can check the link: https://awareness.gosi.gov.sa, GOSI added.