The General Authority for Retirement and Social Insurance has announced the launch of the “Retirees’ Advance” service at participating banks. This initiative aims to provide retirees with accessible financial support, contributing to their financial stability and offering flexible financing options tailored to their needs.
This service allows retirees to obtain an advance of up to five times their pension, with a maximum limit of 300,000 Qatari riyals. The repayment is structured into affordable monthly installments over a period of up to five years, ensuring that deductions do not exceed 25% of the pension amount.
Retirees can apply directly through the bank where their pension is deposited. Participating banks include Qatar National Bank (QNB), Qatar Islamic Bank (QIIB), Commercial Bank, Dukhan Bank, Doha Bank, Ahlibank, Al Rayan Bank, and Qatar International Islamic Bank. If the pension is deposited in a non-participating bank, retirees can apply through Qatar National Bank (QNB) as an alternative option.
The repayment process begins the month following the disbursement of the advance, without any interest charges on the received amount. In case the retiree secures a new job, the monthly deductions will continue from the new salary and be transferred to the pension fund. In the unfortunate event of the retiree’s passing, their heirs will be exempted from repaying the remaining installments, as the state will cover the outstanding amount in full.
This initiative is part of the General Authority for Retirement and Social Insurance’s ongoing efforts to improve retirees’ quality of life by offering flexible financial solutions that meet their needs without complications. The authority aims to provide a secure financial environment for retirees, ensuring their well-being under various circumstances.
Those interested in benefiting from the service or obtaining more information can contact the authority via the helpline at 183 or visit one of the participating banks for details on the application process and eligibility criteria.
