SSSF stated that Law No. 5 of 2018 on Social Security in the Emirate of Sharjah indicates that the insurance benefits for the insured individuals in the government and semi-government sectors are calculated based on the subscription salary, which consists of five elements: the basic salary, cost of living allowance, social allowance, children's allowance, and academic degree allowance (for master's or PHD degrees).
The Fund explained that all these elements contribute to determining the value of the retirement pension, along with the years of subscription, making them essential for employees insured with the Fund.
SSSF emphasized its commitment to disseminating such informative media messages aimed at enhancing awareness among employees regarding the procedures for calculating the retirement pension and promoting effective practices during their working period. This also leads to maximizing the benefits of insurance upon retirement, contributing to providing a stable and dignified life for retirees after their service.
The Fund clarified that these five elements calculated in the retirement pension account play a significant role in achieving prosperity and empowerment for employees after retirement, as the basic salary and cost of living allowance are considered a source of stable income that enables retirees to meet their basic needs and achieve a comfortable standard of living. In addition, the social allowance and children's allowance contribute to supporting education and healthcare for the family, promoting family and social stability.
As for the academic degree allowance, it encourages employees to continue developing their skills and increasing their qualifications, opening new doors for employment opportunities and professional advancement. Consequently, it enhances their ability to achieve financial independence and personal empowerment after their service period and live in prosperity and stability.
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