Regional symposium on Arab social protection programs opens

(File photo: Jordan News)
AMMAN — A regional seminar on funding sources diversification and investment opportunities in the Arab social insurance institutions kicked off in Amman with the aim of enhancing social protection programs, the Jordan News Agency, Petra, reported.اضافة اعلان

The symposium is organized by the Arab Labor Organization, and Arab Association for Social Security, in partnership with Jordan Social Security Corporation (SSC).

Deputizing for Labor Minister Yousef Shamali, SSC Director-General Mohammad Al-Tarawneh said during the opening ceremony on Sunday that COVID-19 pandemic exposed the fragility of economies that failed to offer social insurances, which caused poverty expansion in those countries.

Program diversity and social security development succeeded in achieving their goals, and had the “greatest” impact in alleviating pandemic-related effects and other global crises that adversely impacted societies, he noted.

This joint effort also showed the “urgent” need to provide social protection for sectors uncovered by social protection systems and introduce packages of programs and policies that enhance efficiency of labor markets to reach social safety, he pointed out.

Noting the “remarkable” challenges facing insurance sustainability for Arab social insurance institutions, he said the key solution to realize sustainable insurance benefits systems, and their continuity in performing their duties are investing in portfolios and conducting actuarial studies.

The two-day event will go over future prospects for financing social protection systems to achieve financial sustainability, and shed light on tax-financed pensions to ensure a minimum income, according an SSC statement.

It also tackled coverage expansion of social security institutions for all economic sectors’ workers, and proposed ways to benefit from the “leading” Arab and global experiences in this regard, the statement noted. 

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