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SSC amendment to end early retirement

SSC
(File photo: Jordan News)
AMMAN — Director General of the Social Security Corporation (SSC) Hazem Al-Rahahleh said that the proposed amendments to the Social Security Law will put an end to early retirement, and make old-age retirement for men 62, up from 60 now, and for women 59, up from 55, AmmanNet reported.اضافة اعلان

Rahahleh stressed that the proposed amendments to the law came after a series of dialogues launched more than a year ago by the corporation, which covered most of the Kingdom’s governorates and all stakeholders. He added that the SSC amendments, to 47 articles out of 110, are meant to improve the social protection system, make it more robust, and protect the low- and middle-income groups, while also ensuring the financial sustainability of the corporation, to ensure that it services future generations.

Rahahleh’s statements were made Tuesday at a symposium hosted by the Public Policy Forum, attended by political, economic, academic, and parliamentary figures.
The proposed amendments will enable 50,000 early retirees to benefit from the annual increase associated with inflation.
Rahahleh emphasized that the financial position of the SSC is reassuring. He pointed out that the results of the studies conducted a month ago showed that the break-even point, which is when SSC revenues are equal to its expenditures, will be reached in 2039, instead of 2034, while a second break-even point will occur in 2051, instead of 2041, when the last study showed that the third break-even point will be reached in 2061.

He said that the proposed amendments will enable 50,000 early retirees to benefit from the annual increase associated with inflation as of the month of May, as part of measures to protect low and middle-income retirees.

He added that the amendments will benefit 18,000 retirees by increasing the minimum pension and enabling more than 20,000 families of contributors and retirees to benefit from the proposed social solidarity account to support higher education.

Rahahleh said that the amendments stipulate an annual inflation increase to be calculated according to the average inflation and wage growth rates, which will lead to a higher increase in salaries than that stipulated in the current law.

He added that the pensions of early retirees will also be linked to inflation, at a higher rate in the case of those with minimum pensions.


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