The National Social Security Fund Building in Beirut, Lebanon. Jan. 17, 2024. (Credit: Stephanie Bechara).
BEIRUT — It was supposed to be a momentous move, but as is often the case in Lebanon, its implementation was delayed for political, administrative and geopolitical reasons. On Dec. 15, 2023, Parliament passed a law converting Lebanon’s end-of-service indemnity system (EOSI) into a pension scheme after decades of failed attempts to reform the system in a country that has long been criticized for its lack of retirement security.The transition would mean moving away from a one-time payment at retirement to a monthly payment paid to individuals above the age of 64 for the remainder of their lives.Meant to be launched within two years of the date it was published in the Official Gazette – on Dec. 28, 2023 – preset deadlines to conceive the necessary committees and required platforms have been missed and delays to the new system’s launch are...
BEIRUT — It was supposed to be a momentous move, but as is often the case in Lebanon, its implementation was delayed for political, administrative and geopolitical reasons. On Dec. 15, 2023, Parliament passed a law converting Lebanon’s end-of-service indemnity system (EOSI) into a pension scheme after decades of failed attempts to reform the system in a country that has long been criticized for its lack of retirement security.The transition would mean moving away from a one-time payment at retirement to a monthly payment paid to individuals above the age of 64 for the remainder of their lives.Meant to be launched within two years of the date it was published in the Official Gazette – on Dec. 28, 2023 – preset deadlines to conceive the necessary committees and required platforms have been missed and delays to the new system’s...
