What does the Proclamation on Public and Personal Employees Retirement contain?

3 months ago 2000
ExpressAfrica

What does the Proclamation on Public and Personal Employees Retirement contain?

What does the Proclamation on Public and Personal Employees Retirement contain?

For government employees:

• The amended Pension Proclamation allows the retirement age to be '60 years' and the pensioner to be entitled to 50% of his or her pension when the pension of his or her lifetime is over.

• Police and defense contributions from the individual are increased by 7%, while contributions by the government increase by 33 percent.

For employees of private organizations:

• If the unclaimed money is not deposited within three months, it will be required to be credited directly to any bank account of the organization.

• Proclamation prohibits private enterprise owners from entering the pension framework as employees of the enterprise.

• The proclamation allows a worker who has served more than 10 years to be entitled to a lifetime pension when he or she reaches retirement age.

• Increasing income by investing in pension contributions creates an opportunity for retirees to improve their pay.

• There is also a binding clause in which an employer will not renew his license if he does not submit his employees' contributions during the renewal of his license.

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