If this were the case in Lebanon, for some specialists in the private sector, reaching retirement age involves defying an unclear future and a lack of access to social insurance. This produces a large part of the population with derisory salaries in terms of seniority, vulnerable to poverty. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay As noted in the IMF report “Sustainability and Equity Challenges: Some Arithmetic on Lebanon's Pension System”, Lebanon is the only country in the MENA region that does not offer standardized savings to retirees in the private sector. Although few proposals for change have been defined since the mid-2000s, none have been implemented to date. Expenditures increase with each postponement, so activity is needed soon to resolve these difficulties. Lebanon's benefits framework depends on isolated schemes for open and private workers, which were established in the 1960s. People in general division plans cover common administration and military manpower, while the private part only covers the private domain and legally binding government officials. Current public pension system Public benefit consumption for Lebanon remains for now at 3% of GDP, much of the normal level of 6% of GDP in other developing markets. Open annuities have a usually characterized benefit that presents a guaranteed benefit salary in light of a pay-as-you-go framework. Government disability in Lebanon is managed by a 1963 law, which adapts to a social protection framework granting, so to speak, benefits of a single amount. .The framework covers representatives in the following parts: industry, commerce and horticulture. Representatives and educators of open spaces are secured by a single framework. In short, rural representatives, all workers who chose in 1965 to continue their work under the Labor Code, indigenous people from countries without corresponding agreement and self-employed workers are excluded from the framework. The assets are provided solely by the company, which contributes 8.5% of the financing. . The protected person does not need to make any commitment. The maturity advantage is available from age 60 but is necessary after age 64. The benefit is also payable at any age if the person has at least 20 long periods of activity, if a woman marries. and leaves work during the main year of marriage or upon death (with at least 6 long periods of activity). In any case, the work must stop. A reduced benefit is paid at any age with 5 to 19 long periods of activity if the protected leave workers work for the entirety. The seniority benefit includes a one-time amount of the last month's earnings (or several months of normal monthly income during the past year, if greater) doubled by the number of long service periods up to 20 years in addition to 1.5 months of income for each administration period beyond 20 years or up to 64 years.Keep in mind: this is just a sample.Get a personalized item now from from our expert writers.Get a personalized essayIn case of reduction in benefit, a one-time amount of half of the seniority benefit is paid when the guaranteed person has 1 to 5 long periods of commitments; 65% in the case where he is between 5 and 10 years old; 75% in the case where he has 10 to 15 years; or 85% if he is between 15 and 20 years old.