ࡱ> ~0( / 00DTimes New Roman(0(z[ 0 DArial Narrowan(0(z[ 0 " DArialNarrowan(0(z[ 0 "0DWingdingsowan(0(z[ 0 @ .  @n?" dd@  @@`` TL:.        !"#$%&'()*+,-. 0AAPf3f3@8* FlO ʚ;Sk8ʚ;g41d1d@z[ 0,ppp@ <4!d!dl 0<4ddddl 0<4BdBdl 0g4=d=d@z[ 0p@ pp80___PPT10 pp? ,O =&New GOSI Regulations  IntroductionHis Majesty, Custodian of the Two Holy Mosques approved new GOSI regulations on Nov 13, 2000 We will discuss the major changes under the new regulations ,Topics of DiscussiongCompensation Features Contribution Features Buyout Option New Employment After Retirement MiscellaneousCompensation FeaturesAn employee shall be eligible for retirement compensation from GOSI after having contributed 300 months (25 years) regardless of age ( 8Compensation Features cont dA new formula will be based on 2.5% of the wage x years of contribution to GOSI This will be applicable for years of contribution effective commencement of new regulations Past years will be calculated based on the existing formula TP " P 8Compensation Features cont d\No allowance for dependents under new GOSI regulations For years of contribution made under existing regulations, allowance will be incorporated into a retiree s compensation,7x " 7x 8Compensation Features cont dThe minimum monthly compensation from GOSI shall be SR 1,500 Industrial permanent total disability (PTD) benefits will be increased from 75% of wage to 100% Non-Industrial permanent total disability (PTD) benefits will increase from 40% of wage to 50% Contribution FeaturesContribution to GOSI per employee shall be 18% 9% by employee and 9% by employer Contribution on part of employee will be gradually increased 6% first year, 7.5% second year, 9% every year afterwards Employer will pay 9% immediately upon implementation of new regulationst/Z" " Z=Z: " ZHZ/"=:H 8Contribution Features cont dpMaximum cap of SR 45,000 on which GOSI contributions will be made Increment of wages above SR 45,000 will not be part of contribution and thus will not be part of GOSI calculation for pension For past years where there was no cap, GOSI will figure these amounts based on existing formula and years of contribution made on these amounts using the wage before transition0BZ/ " ZB/8Contribution Features cont dNo Cap on Housing Allowance In the existing regulations there is a cap of SR36,000 The overall cap of SR 45,000 on total wages will be the controlling factor, "   Buyout Option|If aged 60 Hijirah years and have not completed minimum ten years contribution there is option of buyout Maximum amount of five years that can be bought out in order to bring employee up to ten year requirement Employee must pay 18% of wage (employee s and employer s share) of wages for each year needed to be bought FiZ " ZZi , (Buyout Option cont dEmployees who left under the Permanent Total Disability (PTD) program and heirs of deceased employees will be given buyout option As before, maximum amount of five years that can be bought out in order to result in ten year minimum requirement and 18% per year to be bought @ "  New Employment After RetirementFor those retirees below age of 60 Hijirah years who take on new employment, GOSI pension will be stopped and new calculation will be made after their final retirement to include years of contribution under new employment #New Employment After Retirement cont d&lF {For those retirees between the ages of 60 and 65 Hijirah years who take on new employment, they will be given option of participating in GOSI If they participate, a new calculation will be made at the end of their final retirement to take into consideration the additional years of contribution GOSI will provide difference if new salary is less than previous GOSI compensation D " 1DNew Employment After Retirement cont d&lE kFor those retirees above the age of 65 Hijirah years, any new employment will fall outside the GOSI scheme 0kj'= Miscellaneous _After the age of 50 Hijirah years, there will be a restriction of a maximum increase of 10% of wages per annum that will be calculated for compensation for total years of contribution Any amount over the 10% maximum increase will still be contributed on and will be calculated into the compensation for only the specific years they were contributed on0Z " ZD(Miscellaneous cont d&TUnder the existing regulations, a deceased retiree s female heir receives a marriage grant of 18 multiplied by her monthly share and will not receive compensation if divorced or widowed Under the new regulations, there still is a lump sum grant. However if divorced or widowed GOSI payments resume+Z+(Miscellaneous cont d&Females may become eligible for retirement compensation earlier if they have contributed at least 120 months (10 years) to GOSI and are at least 55 Hijirah years of age (Miscellaneous cont d&FMales working in hazardous conditions may become eligible for retirement compensation after 120 months (10 years) contribution to GOSI. Minimum age requirement in this case will be 55 Hijirah years Minimum number of years in hazardous conditions must be five GOSI has published an approved list of hazardous environments/jobs0Z " Z(Miscellaneous cont d&The maximum possible amount of monthly compensation from GOSI shall be equal to 100% of an employee s monthly wage. 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