Is there any Change to GOSI Formula After July 2024 Related to Increases Retirement Age Under New Social Insurance Law in Saudi Arabia ? (Doc ID 3049964.1)

Last updated on SEPTEMBER 26, 2024

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Goal

Is there any change to GOSI Formula after July 2024 related to increases in retirement age under New Social Insurance Law in Saudi Arabia ?

Saudi Arabia’s General Organization for Social Insurance (GOSI) has recently announced an increase in the retirement age to 65 under the new Social Insurance Law. This amendment sets the statutory retirement age for those affected to be between 58 and 65 years.
The law specifies a gradual increase, beginning with an addition of four months to the current retirement age, based on the contributor’s age when the amendments take effect.
For early retirement, the required contribution period will now range from 25 to 30 years, starting with an additional 12 months to the current requirement. This adjustment depends on the contribution period at the time the amendments come into force.
The new law ensures that existing civil pension and social insurance laws will remain unchanged for contributors who are 50 Hijri years old or older, or who have 20 or more years of contributions as of the amendment date.

Solution

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