Iraq: Setting minimum wage in new Pension Law
The head of the General Retirement Authority, Ahmed al-Saadi, revealed that the minimum pension will be between 750 and 800 thousand dinars (630 and 670 dollars), according to the new law. Moreover, he mentioned that all the officials in the state have been subject to the unified pension law.
He added that "the new pension law is still under discussion between the government and parliamentary bodies in order to redress the retirees’ segment," al-Saadi said in a media statement. He also noted that the minimum pension will be likely between 750 and 800 thousand dinars and that the law will be passed during the new year.
Al-Saadi pointed out that the new law proposed the setting of the retirement age for men by 63 years (compulsory), and 45 years for optional retirement, while it is 55 years for women (compulsory). He also pointed out that the nominal salary of parliamentarians amounted to four million dinars, thus, their pensions will be four million, in case of 40 years of work in the Iraqi public service, whereas in case of just 15 years of work, for example, their pensions will be about one million dinars.
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