Saudis may work longer, pay more to fill pension fund gap

Saudis may work longer, pay more to fill pension fund gap
Gulfbusiness.com
17 hrs ago
© Motivate Publishing
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Saudi Arabia is considering revamping the kingdom’s pension system to require citizens to work longer and contribute more, another hit to living standards that could undermine public support for Crown Prince Mohammed bin Salman’s efforts to reshape the oil-reliant economy.
The government — faced with an estimated actuarial gap of SAR800bn ($213bn) at the state-controlled pension fund – is weighing proposals to increase the retirement age, according to three people familiar with the matter, who asked not to be identified to discuss confidential deliberations. It could also require workers to contribute more of their salaries to the General Organization for Social Insurance, or GOSI, which manages both public and private sector pensions, the people said.

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