emirates7 - As part of its ongoing efforts to raise awareness among insured individuals and offer flexible services that support retirement security, the Sharjah Social Security Fund (SSSF) has outlined the process and guidelines for repaying the costs associated with consolidating previous service periods or purchasing notional service years.
This initiative enables insured members to include past employment or hypothetical service periods in their overall subscription period with the Fund.
Service consolidation refers to the financial cost of merging previous work periods—prior to joining the Fund—or acquiring notional years that count towards retirement, as long as the conditions specified in Sharjah’s Social Security Law are met.
The Fund explained that consolidation costs are calculated based on the individual’s subscription salary and can be paid either as a lump sum or through a flexible installment plan designed to ease financial pressure.
Under the installment plan, individuals are required to pay 25% of the total cost upfront, while the remaining 75% is divided into equal monthly payments.
Regulations specify that the monthly payment must be no less than 25% of the individual’s subscription salary, and the full amount must be repaid within a maximum of 60 months, starting from the date the insured is informed of the payment schedule.
All installments must be completed before the end of the individual’s service, and the retirement age must not be reached before the payment is completed to ensure the service period is counted toward retirement benefits.
This service is intended to promote employment stability and ensure generous retirement entitlements for insured individuals. The Fund has previously introduced several high-quality initiatives aimed at fostering a retirement-focused mindset, encouraging future financial planning, and advocating for early consolidation to maximize insurance benefits.
Mohammed Obaid Rashid Al Shamsi, Director-General of the SSSF, affirmed the Fund’s commitment to facilitating the process for insured individuals by offering solutions that support informed financial and retirement planning. He emphasized that the installment option is a key tool for helping individuals enhance their retirement prospects without facing a heavy financial burden all at once.
He also highlighted that these measures are essential for safeguarding the rights of insured individuals, allowing them to increase their credited years of service—thereby boosting their retirement benefits and ensuring a comfortable post-retirement life.
Al Shamsi encouraged all eligible insured individuals to take proactive steps in consolidating their service periods as soon as they meet the legal requirements, in order to take full advantage of the benefits offered by the law.
This initiative enables insured members to include past employment or hypothetical service periods in their overall subscription period with the Fund.
Service consolidation refers to the financial cost of merging previous work periods—prior to joining the Fund—or acquiring notional years that count towards retirement, as long as the conditions specified in Sharjah’s Social Security Law are met.
The Fund explained that consolidation costs are calculated based on the individual’s subscription salary and can be paid either as a lump sum or through a flexible installment plan designed to ease financial pressure.
Under the installment plan, individuals are required to pay 25% of the total cost upfront, while the remaining 75% is divided into equal monthly payments.
Regulations specify that the monthly payment must be no less than 25% of the individual’s subscription salary, and the full amount must be repaid within a maximum of 60 months, starting from the date the insured is informed of the payment schedule.
All installments must be completed before the end of the individual’s service, and the retirement age must not be reached before the payment is completed to ensure the service period is counted toward retirement benefits.
This service is intended to promote employment stability and ensure generous retirement entitlements for insured individuals. The Fund has previously introduced several high-quality initiatives aimed at fostering a retirement-focused mindset, encouraging future financial planning, and advocating for early consolidation to maximize insurance benefits.
Mohammed Obaid Rashid Al Shamsi, Director-General of the SSSF, affirmed the Fund’s commitment to facilitating the process for insured individuals by offering solutions that support informed financial and retirement planning. He emphasized that the installment option is a key tool for helping individuals enhance their retirement prospects without facing a heavy financial burden all at once.
He also highlighted that these measures are essential for safeguarding the rights of insured individuals, allowing them to increase their credited years of service—thereby boosting their retirement benefits and ensuring a comfortable post-retirement life.
Al Shamsi encouraged all eligible insured individuals to take proactive steps in consolidating their service periods as soon as they meet the legal requirements, in order to take full advantage of the benefits offered by the law.