Govt Outlines New Old-Age Insurance Program Regulation in Detail

The Minister of Employment (“Minister”) has issued Regulation No. 19 of 2015 on Procedures and Requirements Regarding the Disbursal of Benefits from the Old-Age Insurance Program (“2015 Regulation”).

The 2015 Regulation is the implementation of Government Regulation No. 60 of 2015 (“Amendment”)[1] and Government Regulation No. 46 of 2015 on the Old-Age Insurance Program (“Regulation”).[2] Both the 2015 Regulation and its Amendment have been issued in order to redefine the criteria for the payment of benefits through old-age insurance program, which were considered inefficient under the previous Regulation.