JEA approves amendments to save pension fund from bankruptcy

(File photo: Jordan News)
AMMAN — The Central Committee of the Jordanian Engineers Association (JEA) has approved amendments to the pension fund system in an effort to prevent its bankruptcy, a local media outlet reported. اضافة اعلان

The decision was made during an extraordinary meeting held on Friday at the Professional Associations Complex, where the JEA president, Ahmed Samara Al-Zoubi, and other members of the association’s board, the general secretariat, and the associations legal advisor, Thaer Al-Najdawi, were in attendance.

The amendments, which were approved by the majority of the attendees, were modified based on a series of consultations and meetings that the board held with all relevant parties over the past period.

The aim of the amendments is to maintain the sustainability of the fund and ensure its continued compliance with its financial obligations.

Pension fund amendments
The Central Committee approved the proposed amendments to the pension fund system with the recommendation that they be balanced and take into account the conditions of young engineers, while ensuring the compliance of the fund with its obligations.

The committee also recommended the need to return to the actuarial study to examine the percentage of reduction from the pension salary of each of the retired non-practicing and practicing engineers, and to modify the word "deduction" to "withholding".

Other changes include raising the retirement age to 47 years for men and 43 years for women, increasing the installment period for exemptions to three years instead of two years, and considering the imposition of additional fees for delays in paying subscriptions for three months instead of two months.

These amendments, which are considered a major step towards ensuring the sustainability and continuity of the fund, have been approved by the Central Committee to prevent the pension fund system from collapsing.

The council had previously presented a proposal to make changes to the system to ensure its stability and financial obligations.

Read more National news
Jordan News