The conditions for early retirement will begin to change, starting from the new year 2025, as included in the law Pensions The insurance provisions are transitional provisions that will be implemented within 5 years of the adoption of a law in 2020, meaning implementation begins in January 2025, allowing early retirement for those born in the eighties before reaching the age of 60, the retirement age.
Early retirement for those born in the 1980s
In this regard, Magdy El-Badawi, Vice President of the Egyptian Trade Union, said that based on the change in the insurance subscription period to 25 years from the beginning of January 2025, it is scheduled to change. Early retirement age.
Al-Badawi added – during statements to “Sada Al-Balad” – that the minimum changed to be 25 years of service, so that the early retirement age for those who started working at the age of 21 years after their graduation would be 46 years instead of 41 years when the insurance period was 20 years, as well as for those who were insured. He has to work starting at the age of 18, so the early retirement age will start at 43 instead of 38 before the year 2025.
Regarding early retirement for those born in the 1980s, they can opt out Pension Before reaching the age of 60, according to the law, if he is insured starting from the age of 18 – the legal age for social insurance – so that the employee fulfills the conditions for applying for early retirement, which requires an insurance period of up to 20 years before the beginning of the new year, as next January he will become 25 years old for applying for Early retirement.
Conditions for early retirement for those born in the 1980s
Regarding the conditions that must be met to apply for early retirement for those born in the eighties before the conditions are amended next January, they include the following conditions:
– Availability of subscription periods for old-age, disability, and death insurance that give the right to a pension of no less than (50%) of the last settlement wage or income, and no less than the minimum pension.
– The pension insurance subscription period should include 240 actual months, equivalent to 20 years, which changes at the beginning of 2025 to become 25 years at a rate of 300 months.
– Not to be subject to old age, disability and death insurance on the date of submitting the disbursement request.
– The insured must have a subscription period of no less than three continuous months or six interrupted months, that is, not interrupting the payment of the insurance subscription for a period of three continuous months or 6 separate months.
– The person must be less than 55 years old, with an insurance period of 20 years before the end of the current year, and 25 years at the beginning of next January.
– Insurance rights are settled based on the insurance subscription period, with the remaining period (5 years) added to it to end the service.
– There were no disciplinary sanctions or drawing attention from the institution to which he belongs.
Calculate the settlement fee
Regarding how to calculate the settlement wage for early pensioners, it is calculated according to a calculation process, which is “calculating the settlement wage x the insurance period x the insurance factor according to age.” If the result of this process is more than 50%, it is worth withdrawing from the early pension, but if it is less than 50%. % of the settlement wage, so he is not entitled to withdraw from the pension, as there is a specific insurance factor for each age.