Doha: The General Retirement and Social Insurance Authority (GRSIA) expressed its appreciation and gratitude for the the Amir HH Sheikh Tamim bin Hamad Al-Thani's ratification of the issuance of the executive regulations of Social Insurance Law No. 1 of 2022, which is a big leap in organizing and developing the social insurance system in the country.
In a statement today, GRSIA said that the executive regulations aim to enhance transparency and efficiency in implementing the Social Insurance Law, and guarantee the rights of insured citizens, while achieving greater financial sustainability for the system.
The Authority also affirmed that the regulations set a clear framework for procedures related to retirement and insurance contributions and benefits, and pledges its permanent commitment to providing the best services to all beneficiaries in accordance with the highest standards of quality and excellence.
The statement added that the executive regulations of the Social Insurance Law stipulate providing an additional bonus for each year after the 30th year of the subscription, with a maximum of 10 years, according to the established pension account salary.
The bonus shall be one pension account salary for each of the first five years or part thereof, and two pension account salaries for each of the following five years or part thereof, taking into account that the pension account salary does not exceed the maximum limit of the subscription account salary of 100 thousand riyals, even if the actual pension account salary exceeds this limit.
The value of the bonus should not exceed 50 percent of the total premium paid to the fund.
Regarding granting advances to retirees with a pension guarantee, the statement explained that the value of the advance is five times the pension, with a maximum of 300 thousand riyals, and can be granted only twice during the retirement period.
The value of the advance is paid by deducting it from the pension in monthly installments, over a period not exceeding 5 years. The deduction from the pension begins from the month following the date of receiving the advance.
The advance request is submitted to the entity specified by the Authority on the form prepared for this purpose, specifying the value of the required advance and the period for paying the installments.
The applicant for the advance also submits a declaration of his approval to deduct the value of the advance from his pension in monthly installments.
The total installments or any amounts withheld may not exceed the percentage specified by the Social Insurance Law, which amounts to 25 percent of the value of the retirement pension.
As for determining the controls for lump sum compensation and refunding premium, the statement said that the regulation took into account the case of the insured person's service ending without meeting the conditions for entitlement to a pension, so that he would be paid lump sum compensation within 30 days from the date of submitting the disbursement request, in the event that he reached the age of 50 or became disabled.
The lump sum compensation is calculated according to the pension account salary multiplied by the number of years of the subscription period, provided that the compensation value does not exceed 150 percent of the insured person's share paid to the fund, and does not exceed 120 percent if the insured person id under 50 years of age.
According to GRSIA's statement, premium paid will be reimbursed if the insured person's subscription period is less than one year, or if the actual new service period for the pensioner returning to work in one of the entities subject to the provisions of the law is less than 8 years.
In the event of death or issuance of a final judgment of missing person after the date of termination of service, the lump sum compensation will be paid to the heirs.
The executive regulations set special benefits for women caring for people with disabilities, as the minimum service period for eligibility will be 20 years instead of 25, in addition to the exception from the age condition.
In the event that the insured woman's service ends by resignation to care for one or more children with disabilities, the Authority shall calculate the actuarial cost due for settling the pension.
The statement explained that the executive regulations specified the obligations of employers towards the Authority, such as registration and provision of data on insured persons and any amendments thereto in accordance with the controls of the Social Insurance Law, and calculating premiums according to the salary received by the insured person for the subscription account, in addition to settling and disbursing the pension and related entitlements.
The General Retirement and Social Insurance Authority hailed the role of the Council of Ministers and the Shura Council and their joint efforts that resulted in the issuance of the executive regulations of the Social Insurance Law.
GRSIA also renewed its commitment to achieving the vision of the wise leadership, which aims to enhance the financial security of beneficiaries, raise the level of community welfare, and support sustainable social and economic growth.
It also affirmed its determination to secure a decent livelihood for beneficiaries through the wise management of pension funds and the provision of integrated social services that reflect the highest standards of quality and efficiency.
