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Early Retirement Awaits Final Approval

Early Retirement Awaits Final ApprovalEarly Retirement Awaits Final Approval

The head of the Social Security Organization (SSO) announced that early retirement for government employees “is possible but needs final approval by the Council of Guardians.” Taghi Noorbakhsh told ISNA that all this needs to be done under the “principles of insurance.’’

The bill for the early retirement of government employees has been drafted by the Majlis and is now pending approval. Noorbakhsh said experts at the SSO have shared their views with various parliamentary committees and “now it’s up to the Majlis as to how to ratify the bill.’’ If parliament approves the plan and the Council of Guardians endorses it, the SSO is obliged to execute it, he said.

 Fair and Reasonable

Noorbakhsh said according to the “principles of insurance,” individuals who have paid premium for 25 years should not receive a pension amount higher than someone who has paid premium for 30 years. Fair and reasonable pension should be fixed for early retirees and we expect the lawmakers to consider this aspect in the final bill,’’ he said.

He also pointed to the financial burden of the plan and said ‘’if the costs are the same as before, there will be no problem but if they are to set to increase then a solution must be sought.’’

The early retirement option was initially approved by parliamentarians on November 9 this year and requires that the SSO make arrangements “for the early retirement of eligible government employees.” The proposed law is expected to ensure that pension received by early retirees does not exceed that received by their peers with full retirement.

Financialtribune.com