JEA subscriptions must be hiked — president

AMMAN — Jordan Engineers Association’s (JEA) President Majid Tabba on Wednesday stressed the financial strength of the association’s pension fund, noting that its market assets stood at JD400 million, a JEA statement said.

Tabba said that the fund’s subscription fees had not been amended since its establishment 43 years ago.  The fund is able to meet its financial obligations, the JEA president said, noting that seven actuarial studies had confirmed that there was an imbalance between the installments paid by engineers and the pensions they receive.

The demographic changes and increase in the number of JEA members, as well as the change in the purchasing power of the Jordanian dinar, demanded a hike in subscription fees in order to preserve the fund’s long-term stability, Tabba said.