Increase in early retirement rates

RIYADH: While the total number of retirees from government jobs declined to the lowest levels in 2015, early retirement rates among public sector employees increased as compared to 2014.
A recent report by the General Organization for Retirement revealed a 7.5 increase in early retirement among government sector employees last year.
According to the report, the percentage of new retirees, as compared to the total number, saw the highest percentage increase in 2007, with the rate reaching 9.14 percent, as compared to 8.68 percent in 2006.
Rates ranged from 6.76 to 9.14 percent during the past ten years.
Despite the increase in the number of public sector employees, the number of new retirees declined in 2014 to 48,000 employees, down from 55,600 employees in 2014, 50.700 employees in 2013, and around 35,000 and 40,100 employees in 2011 and 2012 respectively.
Males accounted for 90.7 percent of retirees in 2015, while females accounted for 9.3 percent, according to the report.
The total number of retirees as of the end of 2015 reached 710,600 retirees.
Of the total, 23.5 percent of retirees are between the ages of 50 to 54 years old, while 20.9 percent are between 45 and 49.
Over the past decade, the number of Saudi retirees has increased dramatically in both the civil and military sectors as many employees have reached the statutory age for retirement in both of these sectors.
The General Organization for Retirement in the Kingdom has 51 offices and branches throughout the Kingdom, all of which implement regulations and procedures related to civil and military personnel retirements, benefits, and social protection.
Some Shoura Council members believe that the current retirement age does not suit the recent developments in the level of medical and social care, and services enjoyed by Saudi citizens, which have led to an increased average life expectancy, and are calling for a review of the statutory retirement age.