After 25 years of service, federal employees will have the opportunity to retire early, as selected by the federal government.
According to sources, the Finance Division ruled that a government employee may choose to retire early after 25 years of service, based on the Pay and Pension Commission’s suggestion. However, starting in the year of retirement and continuing until the employee reaches superannuation age, there will be a penalty of three per cent annually reduced gross pension.
In a similar vein, recommendations concerning the computation of pension at retirement are also expected to be approved by the government.
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Any pension increase will be based on the pension determined at the time of retirement, according to the suggested recommendations. Up until the government decides to review and approve any new pensionary benefits, each increment will remain as a distinct sum.
Additionally, the Commission suggested that federal government workers be granted a gross pension equal to 70% of the average pensionable earnings received during the final 36 months of employment before retirement.
In the meanwhile, only surviving eligible family members will be eligible for a family pension following the death or disenfranchisement of their spouse, and only for a maximum of ten years. As long as family members who are eligible for Shuhada pension do so no later than 20 years after the death or disentitlement of a spouse.
With the additional proviso that the family pension will continue to be admissible throughout the duration of the pensioner’s children if they are disabled or otherwise special.
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Additionally, on the terms and conditions set forth by the federal government, federal government employees will have the opportunity to commute up to 25% of their gross pension upon retirement.
If a federal pensioner is hired back into the public sector after retiring, regardless of the type of employment—regular, contract, or otherwise—they will be able to keep their pension or continue to receive their salary from the new position for the duration of that employment.
Should an individual become eligible for multiple pensions, they will only be permitted to choose to take out one pension.
It is important to remember that the Pay and Pension Commission was announced by the Finance Division in 2020 and that the Commission has since made its recommendations, which have been sent to the cabinet for approval.
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