SSO Retirement Rules Outlined

SSO Retirement Rules OutlinedSSO Retirement Rules Outlined

Diverse retirement regulations have created serious problems to retirees, said Mohammad Hassan Zada, technical deputy for insurance affairs at the Social Security Organization (SSO).

Retirement eligibility is determined by age, years of service as well as the nature of work, reports IRNA.

The eligibility for retirement as per the SSO is as follows: employees having rendered service for 35 years regardless of their age; those with 30 years of service and have reached 50 years of age are entitled to retirement benefits equal to a full one-month salary; those working in a hazardous environment who have paid premium for 10 years at the SSO are entitled to retirement benefits equal to their salary for 10 days upon reaching 60 years of age; and workers with 20 consecutive years of service or 25 years of insurance payment, are also entitled to retirement benefits regardless of their age.

In all the above cases when the age criterion is taken into account, the statutory minimum retirement age for women is 5 years less than that for men.

Moreover, as per a rule exclusively for working women, at 42 years of age and 20 years of verified payment of insurance, they are entitled to a monthly pension equal to their salary for 20 days.

There is also an upcoming plan, likely to come into force this year (started March 21), for government employees with 25 years of service, allowing them to claim retirement benefits, corresponding to their salary for 25 days.

The SSO has approximately 65,000 employees in 520 offices across the country. The organization provides labor compensation coverage to 40 million workers, directly and indirectly.    

The official also pointed to the 1.7 million construction workers insured by the SSO and said, “Unfortunately, 40% of work-related accidents in the country are related to the construction sector.”

Additional resources are required to cover workers’ insurance. As there is a financial crunch, compensation is mostly paid for death or grievous injury.

On the other hand, not insuring their workers has severe consequences for employers as they are penalized.