The retirement pain

When planning retirement in Lebanon, a key question one needs to ask is “Do I have enough money in my savings account for my old age?” And if not, then “do my children have enough money to pay for my old age?” If answers to both questions are a “no”, then you can still opt for renting a taxi license upon retirement to secure a source of income for the grey haired years. Lebanon does not provide a public pension scheme — meaning regular payments upon retirement and for the rest of one’s life — to the private sector, guaranteeing instead an end-of-service indemnity (EOSI) paying retirees a lump sum at the age of 64, or earlier if demanded, with reduced benefits for those with less than 20 years labor under their belts. The amount paid is linked to the last monthly salary and the number of years toiled; if