Iraq Pension Body Proposes Raising Retirement Age to 63

Iraq's National Pension Institution has submitted official proposals to parliament to raise the retirement age back to 63 and introduce service purchase options for certain groups, according to the institution's media director. Ala Mohammed Karim told the official news agency that reducing the retirement age to 60 had damaged the state employees' pension fund. He said the change had strained the fund over three years due to losses in premium collections and the burden of new retirees. The presidency submitted a separate proposal to parliament addressing people who lost benefits by only a few months. The proposal targets individuals with 24.5 years of service unable to access seniority compensation, and those with 12 years of service whose fixed salaries could not be inherited by their families. Both groups would be permitted to purchase additional service by paying their outstanding deductions. The regulation requires parliamentary approval before taking effect.