Doha, Qatar: The General Retirement and Social Insurance Authority (GRSIA) expressed its appreciation and gratitude for Amir H H 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 organising and developing the social insurance system in the country.
In a statement yesterday, 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 instalments, over a period not exceeding 5 years. The deduction from the pension begins from the month following the date of receiving the advance.
