Khaberni - The recent statements of its president initiated the government's transfer of the Social Security Law amendment project to the House of Representatives today. The problem isn’t solved, meaning it seeks parliamentary approval of the amendment and postpones the crisis rather than resolving it, to take effect in 2030, a year the government warned us about as being hazardous for this institution. This raises many question marks, weakens and undermines the narrative from its roots, and magnifies the distrust towards it.
Just days ago, the Minister of Labor and Social Security officials presented themselves in a blunt manner with clear public statements, unequivocally stating that they are not looking to go backwards, but to look forward, meaning they are not willing to hold any individuals from that period's leadership accountable, but the minister concluded that a five-year increase in the lifespan of a social security subscriber is a necessary sacrifice for the continuation of social security.
The government, and here we mean cumulatively, has brought the social security funds to this stage through the appointment of its cronies in leadership positions without considering competence.
And the greater disaster has become that leadership positions in social security are reserved exclusively for government men, from former ministers and directors general who have achieved nothing noteworthy in their previous positions and were installed in this institution and its circles.
In 2018, there was an actuarial study saying that the inputs would balance the outputs in 2038 based on subscriptions and not on investments estimated at 18 billion dinars according to reports.
If you want to convince the subscriber, who by the way is the capital owner, about the seriousness of maintaining public funds by social security, you need to review all the flaws, address them and strictly hold accountable those who made poor decisions, intentionally or stupidly, and then apologize for its inability to manage an institution as large as social security and to withdraw from it.
There were many projects that could have helped boost social security revenues like establishing a bank, though we believe that such a project would be opposed by banks and stakeholders linked to those banks. Investments could also be made in private hospitals and universities as well as quick investments like gold, silver, and oil derivatives instead of relying on government bonds which do not offer a distinguished return.
Supposedly, if the administrations were prudent, they would have increased the amounts from 18 to 30 billion from 2003 to 2025, and these investments could cover any deficit God forbid occurs or a discrepancy between subscriber revenues and pensioner salaries.
In summary, what brought social security to this extent is not the early retirement imposed by the government on subscribers to absorb a portion of the unemployment, which did not decrease and its indicator remains on the rise.
During the days of COVID-19, the government dared to exploit the social security funds, drawing millions from it to cover expenses that it ought to have undertaken, not social security.
There are many losses from purchasing lands and offsetting companies' losses, especially media companies, among many others documented in the Audit Bureau's report as one of the deputies spoke and their size is in the millions starting from long-term car rentals to purchasing lands over their real value.
What is required are prudent administrations of Jordanian competencies, even if they are from the sons of shepherds and farmers, not necessarily Harvard, Oxford or other university graduates that have only brought calamities to nations.
We want social security that ensures the safety of its members, not one that aims for trade or profit at the expense of its subscribers.
