jordan pulse -
Tarawneh said :
- There is no fear for the future of social security and we do everything we can to maintain its sustainability
- SSC is here to remain for the current generation and future generations, and whoever bets otherwise will lose the bet
The Director General of the Social Security Corporation, Dr. Mohammed Saleh Al-Tarawneh, said that there is no fear for the future of social security, and that we are doing everything we can to maintain the sustainability of the Social Security Corporation to remain a support for the Jordanian worker while he is on the job and after his retirement.
The statements of the Director General of Social Security came in response to what was circulated in some media recently about an actuarial study of the World Bank warning of the fading of the financial surplus of the guarantee, and the transformation of this surplus into a deficit during the next ten years, noting that this World Bank study is not new, but was published in March of 2021, which is a routine actuarial study that does not differ from the actuarial studies conducted by the Insurance Corporation every three years under Article (18) of the provisions of its law.
Al-Tarawneh stressed very clearly and does not accept interpretation that despite the gradual decrease in the financial surplus of the institution due to the increasing number of retirees relative to the number of subscribers, the institution achieves appropriate investment returns on its assets, which are about (15) billion dinars, which enhances its financial position, and therefore the decrease in the financial surplus, which is expected and not new, does not cause concern due to the presence of other sources of income represented by the returns on investment of assets on the one hand and the asset base itself on the other hand.
Tarawneh added that under Article (18) of the Social Security Law, we are committed to conducting an actuarial study every three years, and currently the institution is conducting the eleventh actuarial study in cooperation with the International Labor Organization, and its results are expected to appear during the second half of this year, and we will publish it with transparency and clarity.
Speaking about the impact of early retirement on the Insurance Corporation, Tarawneh pointed out that the actuarial studies conducted by the Corporation every three years take into account the impact of early retirement on the Insurance Corporation, whether workers in the public or private sectors, stressing clearly that we do not favor early retirement because of its negative repercussions on early retirees because they go out on low salaries, in addition to its negative repercussions on the institution.
As for amending the Social Security Law in the future, Tarawneh explained that we in the Social Security Corporation read our lesson well, and we carry out all the necessary actuarial studies, and in light of this, we will take any necessary and necessary reforms, including amending the law if necessary.
Tarawneh concluded his speech by saying that the Social Security Corporation was here to stay to fulfill its mission for the current and future generations, and whoever bets otherwise will lose the bet, adding that we will continue our work with all sincerity, honesty and transparency to serve our country and our people under the Hashemite flag under the leadership of His Majesty King Abdullah II bin Al Hussein and His Highness the Crown Prince Al Hussein bin Abdullah.