An individual from the Parliamentary Administrations Board of trustees, MP Amir Al-Mamouri, affirmed on Tuesday that the public authority will pay benefits commitments at a pace of 15%.
“As of today, the optional retirement guarantee has entered into force for all workers in the private sector, pointing out that the Ministry of Labor has become obligated to implement the optional guarantee paragraph after its approval and publication in the Official Gazette,” Al-Mamouri stated in an interview with
He added, “The public authority will pay the annuity commitments at a pace of 15%, or at least, multiple times what the laborer pays for self-security, which is called (discretionary security), bringing up that help in retirement is discretionary, beginning from the date of presenting the application, implying that the installment will be month to month as per the classification where is picked.”
According to the Security Law’s provisions, “the provisions of the Security Law are important in supporting workers’ rights, according to its provisions, through which they can help workers in their lives and provide them with good salaries,” he emphasized.
It is noteworthy that the voluntary retirement guarantee for all private sector workers has gone into effect, which is a positive step toward protecting their financial rights.
