Retirement Pension System: Who Qualifies and What You Get
Learn if you are eligible for retirement pension benefits and how to ensure you receive your lump sum or pension after leaving your job.
The Retirement Pension System is a way for workers to receive a financial safety net, either as a single payment or through regular installments, after they leave their jobs.
Who it's for
You qualify if you have been employed with the same employer for more than one year and work at least 15 hours every week.
What you get
When you retire or leave your position, you are entitled to receive your benefits. This can be paid out as a single lump sum or as a recurring pension.
What it costs you
This system is funded through contributions made by your employer.
The catch to know
Some smaller businesses, such as small cleaning companies, may occasionally fail to follow the rules or ignore the requirement to provide these benefits. It is important to stay informed about your employment rights to ensure you receive what is owed to you.
How to apply
- Confirm you have worked for your employer for more than one year.
- Verify that your weekly working hours meet the minimum requirement.
- Contact your employer to request your retirement benefits upon leaving your job.
- If there is a dispute, consult with the relevant government labor authorities.