Sharjah Social Security Fund Offers Service Period Acquisition for Insured Employees

Sharjah Social Security Fund Offers Service Period Acquisition for Insured Employees

The Sharjah Social Security Fund (SSSF) has unveiled a new initiative that allows insured employees to acquire service periods in accordance with the regulations outlined in Law No. 5 of 2018 concerning social security in Sharjah. This initiative aligns with the fund’s strategies and the objectives of the law, with the primary goal of enhancing the well-being of employees and providing them with opportunities to augment their pension benefits.

The SSSF has clarified that eligible insured employees can purchase service periods after completing a minimum of twenty years of actual service. The cost is divided between the employee and the employer based on the employee’s current salary at the time of the purchase request.

These measures, as prescribed by the law, are part of an ongoing effort to elevate social living standards and offer increased pension benefits to individuals in the Emirate of Sharjah. Ultimately, this contributes to an improved quality of life, fosters family stability, and ensures a dignified existence for citizens.

The process for acquiring the service period entails several key steps: an initial payment equivalent to 50 percent of the total purchase cost, followed by the settlement of the remaining amount through monthly installments. Each installment must not be less than a quarter of the employee’s salary. Importantly, the installment period should not exceed five years or coincide with the employee’s retirement age, whichever comes first.

In cases where the insured employee is unable to pay the entire purchase cost before the service period concludes, the acquired periods will be calculated based on the actual amounts paid.

Furthermore, if an insured employee passes away before full payment, the outstanding installments of the purchase cost will continue to be collected from the entitlements of beneficiaries.

It’s essential to note that the permissible duration for purchasing this service period is limited to five years for male insured employees and ten years for female insured employees, as outlined in the law.

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