Article 76. Persons covered by this law who meet the following conditions shall be entitled to a retirement pension.:
- They shall have paid the stipulated insurance contribution for at least ten years before they apply for retirement.
- The male shall have completed 60 years of age and the female shall have completed 55 years.
Note 1. Insured persons (Male at a ge 50 and females at age 45 Years old) who have worked for a total 30 years may ask for retirement pension provided that they have paid the contribution to the Organization on a regular basis.
Note 2. Persons with the age of 50 for men and 45 for women who have worked at least 20 consecutive years or 25 non-consecutive years in a region with a bad climate or under conditions of difficult employement, hazardous to health may ask for retirement pension provided that they have paid the contributions in all cases “A region with a bad climate” and “employment hazardous to health” shall be defined in accordance with regulations approved by the Council of Ministers.
The increase in expenditure caused by this Note shall be compensated through the decrease in the Organization’s expenditure caused by Note 1 of this Article.
Note 3. Insured persons with a record of paying contributions for a total of 35 years may, ask for retirement pension regardless of the age.
Note 4. Female workers aged 42 years and with record of 20 years of employment may retire with a pension equle to 20 days of their monthly wage, provided that they have paid the required contribution.
Article 77. The retirement pension shall be one thirth of the average wage or salary of the insured multiplied by the number of years during which the insurance contribution has been paid, provided that it does not exceed 35/30 of the average wage or salary.
Note . The average wage or salary for the purpose of calculating retirement pension shall be the total wages or salary of the insured on the basis of which the insurance contribution has been paid during the last two years divided by twenty-four.
Article 78. The employer may apply to the organization for the retirement of insured persons who have continued to work for five years or more after attaining the age of retirement stipulated in this law.
Article 79. Employees of Government companies the majority of the shares of which either now belong to or may hereafter belong to the private sector under the law shall be treated as follows :
- The employees covered by Article 33 of Employment Regulations for Government Companies, and the employees of Government companies who are subject to special regulations regarding retirement and stipends, shall continue to be subject to said regulations.
- The employees of Government companies now covered by the Social Insurance Law shall be subject to the provisions of this law.
- Other employees shall be subject to the law for the Protection of staff Employees against the Effects of Old age, Disability and Death.
- The method for calculating the Government service of employees mentioned in Clauses (1) and (3) above, the amount of pension contributions payable by the employee and employer, and also the manner of fix-ing the pension or stipend of such employees and their duties shall be according to regulations to be prepared by the Ministry of Health, Hygiene and Medical Education with the cooperation of the State Organization for Administrative Affairs and Employment and approved by the High Council for Social Security.
