Amman: Director General of the Social Security Corporation (SSC) Muhammad Tarawneh assured that “there is no fear for the future of the corporation” and that it is taking all necessary measures to ensure the continuity of its support for retired and active Jordanian workers.
Tarawneh addressed the media articles regarding a World Bank actuarial study in a press statement on Wednesday, emphasizing that the study, published in March 2021, contains routine information and does not deviate from the regular actuarial studies conducted by the corporation every three years, as mandated by Article 18 of its law.
He highlighted that the SSC maintains sound financial health, generating favorable returns on its assets, which amount to around JD15 billion. Despite a decrease in financial surplus due to a rising number of retirees relative to subscribers, Tarawneh stressed that this situation does not raise concerns. The corporation also leverages income sources from returns on invested assets and the asset base itself,
he underlined.
Tarawneh noted that the corporation is currently collaborating with the International Labor Organization on an actuarial study, with results expected in the second half of the year, pointing out that the findings will be published transparently.
Tarawneh underscored that actuarial studies consider the impact of early retirement of public or private sector workers on the SSC. He expressed that early retirement is not favorable, because it leaves workers with a low pension and reflects negatively on the corporation.
Regarding plans to amend the Social Security law in the future, Tarawneh explained that amendments to the Social Security law will be guided by the outcomes of these actuarial studies.
Source: Jordan News Agency