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الشرق اللبنانية
Retirement Law and Social Security
Attorney Osama Al-Arab's article provides a comprehensive analysis of Lebanon's new pension and social protection law, which represents one of the most significant legislative shifts in the country's social security framework. Law No. 319/2023 focuses on transitioning from a end-of-service indemnity system to a sustainable pension scheme, based on virtual accounts that interact with economic and demographic indicators to ensure the preservation of pension values. The law also guarantees a minimum pension tied to the minimum wage and includes provisions to increase pensions in line with inflation. However, it faces challenges in addressing the value of old end-of-service benefits, especially amid monetary decline and the depreciation of the real value of previous deposits. The article emphasizes the need for proper and transparent management of pension funds and highlights the importance of ensuring fairness during the transition to guarantee the system's sustainability and provide genuine protection for retirees. Successful implementation depends on effective management and strict oversight to balance social justice with financial sustainability.
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