AMMAN — The
Social Security Investment Fund financial assets grew by only JD170 million between 2019–2020, reaching
at the end of 2020 JD1,167 billion, compared to JD1,997 billion at the end of
2019, a growth rate of 1.6 percent, according to Mousa Al-Subaihi, an insurance
and social protection expert and former spokesman for the
Social Security Corporation (SSC).
اضافة اعلان
The growth rate is the lowest since
the establishment of the investment fund in 2003; it is equivalent to only 13
percent of the average annual asset growth, which used to reach 12.8 percent
annually, Subaihi told Jordan News.
He also said that the insurance
financial surpluses that are transferred annually from the SSC to the investment
fund also decreased significantly in 2020, by 94.4 percent over the surpluses
transferred in 2019.
“The surplus transferred to the fund
in 2020 amounted to only JD29 million, while the financial insurance surplus
transferred to the fund in 2019 amounted JD517 million,” said Subaihi,
attributing the substantial drop to the effects of the
COVID-19 pandemic, which
led to a significant decrease in the market value of company stock prices.
“The most important reason is the
weak transfer of cash surpluses from the Social Security Corporation due to the
big expenditure on protection programs associated with the pandemic and defense
orders,” said Subaihi, suggesting that SSC should stop all its protection
programs, as “it is overstretched” and the assets will drop more in the next
period if the situation stays as it is.
The millions that were lost could
have been invested, he said, asking government entities to lend their support
to the SSC and help come up with strategic plans to ensure the corporation’s
sustainability.
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