Sharjah Social Security Fund Allows Payment Of 75% Of Service Inclusion Costs In Easy Installments

The Sharjah Social Security Fund (SSSF) is dedicated to raising awareness among insured individuals and offering flexible services that support retirement stability. It has detailed the process for repaying costs related to consolidating previous service periods or purchasing notional service periods. This initiative allows insured individuals to benefit from past work periods or notional periods within their subscription duration.

Service consolidation involves costs associated with merging previous service periods spent in other workplaces before joining the fund, or buying notional service periods that count towards retirement years. These actions must meet the conditions outlined in the Social Security Law of Sharjah. The fund calculates consolidation costs based on the subscription salary, payable in a lump sum or through installments to ease financial burdens.

The installment plan requires a 25% down payment of total costs, with the remaining 75% paid in equal monthly installments. Regulations mandate that monthly installments must be at least a quarter of the subscription salary, and the installment period should not exceed 60 months from notification of payment. All installments must be completed before service ends, ensuring retirement age does not surpass payment age.

This service aims to ensure job stability and significant retirement entitlements for insured individuals. The fund has launched various initiatives promoting retirement culture, future financial planning, and encouraging early service consolidation to maximise insurance benefits. These efforts are designed to enhance protection of rights and increase actual years of service, positively impacting retirement entitlements.

Mohammed Obaid Rashid Al Shamsi, Director-General of SSSF, stated, "We are keen to provide all means that facilitate the process for insured individuals, enabling them to make informed financial and retirement decisions. The installment mechanism for service consolidation costs is one of the ways to empower the insured individuals to improve their retirement future without being burdened by a single financial cost."

Encouragement for Early Service Consolidation

Al Shamsi also highlighted that these facilities are crucial steps towards enhancing protection of insured individuals' rights. They enable an increase in actual years of service, positively affecting retirement entitlements and ensuring a dignified life post-retirement. He urged all insured individuals to consolidate service periods when conditions are met to fully benefit from insurance advantages stipulated by law.

With inputs from WAM