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Purchase of service for insured workers for retirement purposes
Iraq 2024/10/01
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The Ministry of Labor and Social Affairs has begun accepting service purchase requests for insured workers in the private sector for the purposes of calculating retirement, provided that they do not exceed five years.
The Director of the Retirement and Social Security Department at the Ministry, Kholoud Hayran, told Al-Sabah: One of the most important conditions for purchasing the service is that the worker be insured and meet the age requirement, as he has the right to purchase the service provided that it does not exceed five years, noting that the payment of subscriptions for the purchased service at a rate of 17 percent is calculated on the basis of his average wage for the last five years for which the subscription was paid, provided that it is not less than the minimum wage for the worker.
She added that this step has entered into force and workers of both genders can apply for it. A male insured worker who has completed the age of 63 and has at least 10 years of insured service, a male worker who has completed 60 years of age and has at least 15 years of insured service, and a female worker who has completed 50 years of age and has at least 20 years of service can purchase the service for the purpose of calculating it for retirement. A female worker will be able to purchase the service if she has completed 58 years of age and has at least 10 years of insured service, or if she has completed 55 years of age and has at least 15 years of insured service, or if she has completed 50 years of age and has at least 20 years of insured service. She pointed out that a large segment of workers were not able to obtain a retirement salary in the past years, despite having more than 20 years of service, and the new Social Security Law has given them the opportunity to obtain a retirement salary after purchasing the service.
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