Al-Rahahleh: SSC assets forecast to reach about JD28 billion in 2030

(File photo: Jordan News)
AMMAN — Director General of the Social Security Corporation (SSC) Hazim Rahahleh has said that the amendments to the Social Security Law were proposed to address insurance gaps, provide social protection for the most vulnerable groups, support the financial sustainability of the corporation, and accelerate the pace of inclusion of all workers in the Kingdom under the social security umbrella, local news outlets reported.اضافة اعلان

Speaking about the financial position of the corporation and future financial prospects, Rahahleh said that after reviewing the last five actuarial studies, it was assessed that the corporation assets amount to about JD14 billion and are forecast to reach JD28 billion in 2030.

Rahahleh’s statements were made during a meeting Monday with members of the Coordination Committee for Civil Society Organizations (Himam) at the general administration of the corporation to discuss issues related to social security and the proposed amendments to the law.

Rahahleh indicated that the insurance surplus that was transferred to the Social Security Investment Fund amounted to JD1.7 billion during the last five years, and that JD255 million had been transferred to the fund since the beginning of 2022.

He stressed that the corporation has finished digitizing its electronic services, thus saving time and effort for service recipients. He added that the corporation now provides special services, including an air ambulance service, electronic archiving of documents and data, an electronic payment gateway (DAMAN PAY) and an IBANK service, in addition to having introduced a program to support the operational costs of nurseries.

Rahahleh reviewed the most prominent features of the proposed amendments to the Social Security Law, indicating that early retirement poses a challenge to the corporation and has become the norm, while old age retirement has become the exception. Funds collected from current pensioners amounted to JD3.5 billion, while funds disbursed to them to date amount to JD9.4 billion, he said.

One of the proposed amendments to the Social Security Law is to create a social solidarity account that contributes to covering the university tuition of the children of the insured and retired; it would also contribute to financing the marriage expenses of those financially unable to do so, he added.

Regarding the sources of financing for this account, Rahahleh said that one will be monthly deductions from subscribers and retirees at the rate of JD1 per month if the monthly wage or pension is less than JD1,000, and JD2 from each subscriber and retiree whose wage or salary is JD1,000 or more. He added that if the amendment is approved, the social solidarity account will start providing support for education costs starting with the 2023–2024 academic year.

Rahahleh pointed out that the health insurance that the corporation intends to introduce will provide quality health care services and will improve the health sector system in the Kingdom.

He said that the proposed amendments will include revision of the annual increase in inflation, which would be calculated based on the average rate of inflation and wage growth rates, thus enabling early retirees to cope with annual inflation increases.

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