Sharjah [UAE], September 16 (ANI/WAM): The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured employees in accordance with the regulations outlined in Law No 5 of 2018 concerning social security in Sharjah.
This aligns with the law's objectives and the fund's strategies aimed at enhancing the well-being of employees and providing them with additional opportunities to boost their pensions.
The fund has emphasised that it is permissible to procure the service period for insured employees after they have completed a minimum of twenty years of actual service.
This is achieved by dividing the monthly cost between the employee and the employer based on the employee's current salary at the time of the purchase request.
These measures, as stipulated by the law, are part of an ongoing initiative to improve social living standards and allow for an increase in pension benefits in the Emirate of Sharjah. This, in turn, contributes to raising the quality of life, promoting family stability, and ensuring a dignified life for citizens.
The procedures for purchasing the service period involve key steps: making an initial payment equivalent to 50 per cent of the total purchase cost, followed by paying the remaining amount through monthly installments, with each installment being no less than a quarter of the salary.
It is crucial to ensure that the instalment period does not exceed five years or coincide with the employee reaching retirement age, whichever comes first.
If the insured employee fails to settle the entire purchase cost before their service period concludes, the acquired periods will be calculated based on the actual amounts paid.
The outstanding instalments of the purchase cost will continue to be collected from the entitlements of beneficiaries in the event of the employee's demise before full payment.
The permissible duration for purchasing this service period does not exceed five years for male-insured employees or ten years for female-insured employees. (ANI/WAM)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor