The National Retirement Authority revealed, today Saturday, the submission of formal proposals to amend the retirement age law and restore it to 63 years, while allowing service purchase for certain categories.
The Authority's media director Alaa Mohammed Karim said in a statement to the official agency that reducing the retirement age to 60 years caused significant damage to the state employees' retirement fund by depriving it of retirement deductions for three
additional years during which expertise and competencies could have been utilized, in addition to burdening the fund with new retirees, affirming that the Authority submitted formal proposals to amend the law and restore the retirement age to 63 years.
Karim indicated that the Authority's chairman submitted a proposal to the Council of Representatives to find a legal solution for categories deprived of benefits by a difference of only a few months, such as those with 24.5 years of service
who are deprived of end-of-service bonuses, or those with 12 years of service who receive a lump sum payment that cannot be inherited by their families.
Karim indicated that the Authority's chairman submitted a proposal to the Council of Representatives to find a legal solution for categories deprived of benefits by a difference of only a few months, such as those with 24.5 years of service who are deprived of end-of-service bonuses, or those with 12 years of service who receive a lump sum payment that cannot be inherited by their families.
He noted that the proposal includes allowing them to purchase service and pay its retirement deductions to secure the ceiling of their rights, pending its parliamentary legislation.
