If the case of Lebanon were to occur, for some specialists in the private segment, reaching retirement age would mean challenging a vague future with lack of access to social security. This produces a huge segment of the population with miserable pay in terms of seniority, vulnerable to falling into poverty. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay As indicated by the IMF report "Supportability and Equity Challenges: Some Arithmetic on Lebanon's Pension System", Lebanon is the only nation in the MENA region that does not offer standardized savings for private segment pensioners. Despite how few proposals for change have been framed since the mid-2000s, none have been actualized to date. Costs increase every time you postpone, so action is needed soon to address these challenges. Lebanon's benefits framework depends on isolated plans for public and private sector workers, which were drawn up in the 1960s. The general division plans of the people cover the common administration and military workforce, while the private part only covers the private area and legally binding government representatives. The Current Public Pension Scheme Public benefit consumption for Lebanon currently remains at 3% of GDP, a large portion of the normal level of 6% of GDP in other developing markets. Open annuities have customary benefits that present a guaranteed salary in terms of benefits in light of a pay-as-you-go compensation system. State disability in Lebanon is managed by a 1963 law, which provides a social protection system that grants single-amount benefits so to speak. .The framework covers the representatives in the accompanying parts: industry, trade and horticulture. Representatives and educators of open areas are protected by a unique structure. Short rural representatives, all workers who in 1965 decided to join the Labor Code, natives of countries without corresponding agreements and self-employed workers are excluded from the picture. The assets are contributed exclusively by the company, which contributes 8.5% to the financing. . The protected person does not have to make any commitments. The maturity benefit is accessible from age 60 but is required 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 gets married and leaves work during the first year of marriage or in the event of death (with no less than 6 long periods of activity) . In all cases, the work must stop. A reduced benefit is paid at any age with periods of employment as long as 5 to 19 years if the protected worker leaves work all the time. The seniority benefit includes a single amount of the last month of profit (or more month of the normal monthly income in the last year, if more important) doubled by the number of long periods of administration up to 20 years plus 1.5 months of income for each term of administration in the last 20 years or up to age 64. Remember: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay If a case of diminished benefit occurs, a one-off amount equal to half of the seniority benefit is paid when the guaranteed individual has 1 to 5 long periods of commitments; 65% if he is around 5 and 10 years old; 75% if aged 10 to 15; or 85% if he is around 15 and 20 years old.