Sharjah: The Sharjah Social Security Fund (SSSF) has launched the possibility of acquiring the service period for insured employees in line with the regulations outlined in Law No. 5 of 2018 concerning social security in Sharjah. The move aligns with the law’s objectives and the Fund’s strategies focused on enhancing the well-being of employees and providing them with additional opportunities to boost their pensions.
The Fund has emphasized that it is permissible to extend the service period for insured employees after they have completed a minimum of twenty years of actual service. This is done by dividing the monthly cost between the employee and the employer based on the employee’s current salary at the time of the purchase request.
The procedures for purchasing the service period involve key steps, which are making an initial payment equivalent to 50 percent of the total purchase cost, followed by paying the remaining amount through monthly installments, with each installment being no less than a quarter of the salary.
It is crucial to ensure that the installment period does not exceed five years or coincide with the employee reaching retirement age, whichever comes first. If the insured employee fails to settle the entire purchase cost before their service period concludes, the acquired periods will be calculated based on the actual amounts paid.
The outstanding installments of the purchase cost will continue to be collected from the entitlements of beneficiaries in the event of the employee’s demise before full payment. The permissible duration for purchasing this service period does not exceed five years for male insured employees or ten years for female insured employees.