Engineer syndicate's pension fund records JD27.6m in revenues

AMMAN — The general assembly of the Jordan Engineers Association's (JEA) pension fund on Monday issued the annual report on the fund, a JEA statement said. 

The general assembly also approved the pension fund's budget for 2016 and commissioned the JEA council to choose auditors, while seven names were nominated for the membership of the committee to look into objections on the council's decisions. 

JEA President Majid Tabaa said, the association will continue opening new investment windows in order to vary the fund's revenue resources in light of the economic crisis in the region. 

He added that last year, several events affected the fund's progress and performance, as many of the association's projects were halted in 2015 at the Ministry of Municipal Affairs because of conflict over revenues. 

Commenting on the fund's budget, Tabaa said the book value of the fund's assets in 2015 amounted to JD208.1 million, whereas their market value amounted to JD365.4 million. 

The fund's revenues increased to around JD27.6 million, of which investment gains reached JD7.5 million, he noted, adding that the fund's spending on pensions and other finances reached JD25.9 million. 

As for pension revenue, Tabaa said it increased to JD20.1 million compared to 2014, JD17.2 million of which was in premiums and extra fees.

The JEA includes 130,000 members, 40,000 of whom work abroad, Tabba said in January during a meeting with Prime Minister Abdullah Ensour, adding that there are around 57,000 engineering students in the Kingdom and 15,000 students abroad.