Khaberni - In a time where the debate about the amendments to the social security law is escalating, Labor Minister Dr. Khaled Al-Bakkar revealed that the main goal of the project is to ensure the sustainability of the institution until 2048, compared to previous proposals that could not withstand beyond 2036, placing the issue in the realm of critical decisions.
Al-Bakkar confirmed in radio statements that the current actuarial study is not limited to the financial aspect only, but relies on a wide range of indicators and criteria that ensure the fund's stability in the long term.
He clarified that these studies take into account multiple economic and demographic variables, making them a crucial tool in determining the future of the insurance system, not just rigid financial numbers.
Lack of expertise and opening the door for competencies
In a notable point, Al-Bakkar pointed out the lack of specialized actuarial experts in Jordan, stating at the same time that the door is open for any Jordanian expert who has the ability to prepare such studies, provided the necessary skills and experience are available.
He emphasized the need to reach a balanced formulation that protects the Social Security Fund's money and ensures its continuity, noting that the government has seriously dealt with the proposals of the parliamentary labor committee and sent them to a specialized actuarial expert for professional study.
The final decision is awaiting the study
Al-Bakkar affirmed that it is impossible to judge the proposed amendments before the issuance of the actuarial expert's evaluation, noting that the final decision will be based on the results of the technical study, ensuring a balance between the participants' rights and the institution's sustainability.
In a related context, Al-Bakkar sparked controversy with his statements about the presence of power centers he said were the reason for the bankruptcy of previous funds, and are trying today to influence the course of the current amendments, referring to pressures that may face this file, indicating that the social security amendments are painful but necessary to avoid all of us paying the price in years to come.
Al-Majali: Full transparency and ongoing confidence
For his part, the spokesman for the Social Security Institution, Shaman Al-Majali, confirmed that the institution is dealing with the proposed amendments with full transparency, stressing that this does not negatively reflect on the citizens' confidence.
He clarified that the parliamentary labor committee introduced significant scenarios for the application of articles 62 and 63, alongside amendments related to the beneit coefficient and subscriptions, noting its approval to consult an actuarial expert to study these amendments.
11 studies and a fund exceeding 18 billion
Al-Majali mentioned that the institution conducted 11 actuarial studies since its establishment, reflecting its reliance on continuous assessment to ensure the insurance system's sustainability.
Regarding the Social Security Funds investment fund, he indicated that the capital started at about 1.4 billion dinars, while the total transfers amounted to nearly 7 billion, bringing its current size to more than 18 billion dinars, indicating the growth and importance of the fund.
He also confirmed that the actuarial expert tasked with studying the amendments is from the International Labor Organization, and is the same one who prepared the latest study, which enhances the accuracy of the anticipated evaluation.
Al-Hawari: Significant amendments worth hundreds of millions
Meanwhile, the head of the parliamentary labor committee, Andre Al-Hawari, denied that the committee's amendments were limited or cosmetic, explaining that they go beyond merely postponing the break-even point for one year, but include a new and comprehensive equation.
He detailed that the amendments covered articles 62 and 64, focusing on improving the financial situation of the Social Security Institution by hundreds of millions, without delving into precise numerical details.
Expanding inclusion and improving incomes
Al-Hawari noted that the committee worked on broadening the inclusion base and revising the salary calculation mechanism, alongside proposing a new benefit coefficient for categories with salaries less than 400 dinars, aiming to enhance their income level and achieve greater equity.
He confirmed that these amendments could yield better returns compared to the government's project, pointing out that the crux of the disagreement lies in completely rewriting the equation, against the government's desire to subject it to an actuarial study before its enactment.
Time constraints complicate the scene
Finally, Al-Hawari indicated that time constraints prevented the completion of the committee's discussions before referring the project to the House of Representatives, noting the possibility of resuming the discussion if the session is extended or a special session is called.
This comes after the government formally requested to postpone the discussion of the bill until the next session, meaning that the social security file will remain open for further debate and discussion in the coming stage.
