Sharjah24: In its commitment to enhancing the awareness of insured individuals and providing flexible services that support their retirement stability, the Sharjah Social Security Fund (SSSF) has clarified the details and mechanism for repaying the costs of consolidating previous service periods or purchasing notional service periods. This allows insured individuals to benefit from past work periods or notional periods within their subscription duration to the fund.
Service consolidation refers to the costs associated with consolidating previous service periods that the insured individual spent in other workplaces before joining the fund, or the purchase of notional service periods that count towards retirement service years, provided that the conditions stipulated in the Social Security Law for the Emirate of Sharjah are met.
Payment mechanism
The fund stated that consolidation costs are calculated based on the subscription salary and are payable in a lump sum, with the option for installment payments to ease the financial burden on the insured individuals.
The easy installment mechanism requires a 25% down payment of the total costs, with the remaining 75% to be paid in equal monthly installments.
Installment regulations
The regulations stipulate that the monthly installment must not be less than a quarter of the subscription salary, and the installment period must not exceed 60 months, starting from the date the insured individual is notified of the payment.
It is also required that all installments be completed before the insured individual's service ends, and the age of retirement must not exceed the payment age to ensure the period is counted towards retirement entitlements.
Goals of the service
This service aims to achieve job stability and substantial entitlements at retirement for the insured individuals. The fund has previously launched several quality initiatives aimed at promoting retirement culture, financial planning for the future, and encouraging early service consolidation to maximize insurance benefits.
Commitment to insured individuals
Mohammed Obaid Rashid Al Shamsi, Director General of the Sharjah Social Security Fund, stated: "We are keen to provide all means that facilitate the process for insured individuals, enabling them to make informed financial and retirement decisions. The installment mechanism for service consolidation costs is one of the ways to empower the insured individual to improve their retirement future without being burdened by a single financial cost."
He added, "These facilities are an important step towards enhancing the protection of insured individuals' rights and enabling them to increase their actual years of service, positively impacting their retirement entitlements and ensuring a dignified life after retirement."
Al Shamsi urged all insured individuals to take the initiative to consolidate service periods whenever the conditions are met, to ensure they benefit from all the insurance advantages stipulated in the law. He emphasized that the fund will continue its efforts to provide comprehensive services and quality facilities, contributing to the financial and social sustainability of the citizens of the Emirate of Sharjah.
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