14% bonus of annual wage for these leaving service with out pension profit

[ad_1]

Saudi Gazette report

RIYADH — The brand new Civil Pension Regulation, authorized by the Council of Ministers on June 14, stipulates that these staff, whose service ends with out reaching the interval that entitles them to profit from pension, could have a bonus of 14 % of the annual wage for annually of their service.

If the worker’s service is terminated on account of resignation or dismissal from service as a disciplinary motion, the bonus is calculated on the idea of 10 % of the annual wage for annually calculated from the years of their service, it was acknowledged within the new regulation.

The official Umm Al-Qura newspaper revealed particulars of the brand new regulation, which consists of some amendments to the earlier Civil Pension Regulation, in addition to Regulation of Profit Change between the Civil and Navy Pension Legal guidelines and Social Insurance coverage Regulation associated to staff’ dues upon retirement as a reward or pension. All these legal guidelines are authorized by the final weekly session of the Cupboard.

For the fee of bonus stipulated in articles 18 and 23 of the Civil Pension Regulation, it’s required to succeed in the age of 60 or demise, whichever is earlier. If the worker’s service ends by reaching the age of 60 and with out reaching a minimum of ten years of service that provides him the precise to pension, in such a scenario he’s entitled to a pension.

Within the Social Insurance coverage Regulation, if the subscriber leaves his job, he’s entitled to obtain the lump sum compensation due in case of not reaching the age of 60, or within the occasion of a incapacity as per the instances specified within the govt rules of the regulation.

Below the Regulation of Profit Change, if the worker’s service interval is a minimum of 5 years and has reached the age of 60, he might request the inclusion of a nominal interval, offered that the interval after the inclusion doesn’t exceed ten years, and he should pay the complete contribution for every month of the added interval, on the idea of his final month-to-month wage.

It isn’t permissible within the case of merger ensuing from transformation or privatization, to mix the retirement pension with the wage of the job lined by any of the civil and army pension legal guidelines.

Within the occasion that any public utilities are privatized or their staff transferred from one regulation to a different, the employer is obligated to pay the extra prices pertaining to the 2 legal guidelines, in line with the provisions of the regulation.

[ad_2]

Supply hyperlink