That’s a quandary pension programs the world over have faced as people have lived longer -- but with a decidedly Saudi twist. But Nader Al Wahibi, the assistant governor at GOSI, recently argued on state television that early retirement and longer life spans were endangering the fund’s future. The practice of retiring workers after 20 years of service was temporarily frozen after the fund merged with the Public Pension Agency last month. “The people that are retiring early now are going to drain all of the money in the fund," Al Wahibi said. Workers now pay 9% of their salaries into the fund for retirement.

Source: Mint July 06, 2021 13:07 UTC