Social Security Corporation’s revenues on the rise

AMMAN — The Social Security Corporation’s (SSC) insurance revenues, from its establishment in 1978 to the end of September, have reached JD17.1 billion, SSC Spokesperson Musa Sbeihi said on Tuesday.

SSC expenditures to cover insurance services of pensions, work injuries and compensations totalled JD9.8 billion, while the corporation recorded an accumulative surplus of JD6.6 billion, with assets worth JD10.9 billion.

The surplus is calculated by finding the difference between the revenue generated from insurance subscription fees and funds spent to cover pensions, work injuries and compensations, among other obligations.

During a round table meeting at Mutah University, Sbeihi said that the new amendments to the Social Security Law would enhance social security for subscribers, pensioners and their families, the Jordan News Agency, Petra, reported.

The number of active subscribers registered with the SSC has increased by 57 per cent during the last 10 years, jumping from 835,000 subscribers in 2009 to 1.316 million subscribers at the end of October 2019, he said.

SSC coverage has extended to reach 73 per cent of workers in the Kingdom, in comparison with 50.2 per cent in 2018 during the same period, while coverage rates for the work force (employed and unemployed) increased from 44.6 per cent in 2018 to reach 64 per cent during 2019’s January-September period.

Additionally, the number of retirees increased during the last 10 years by more than 100 per cent, reaching 238,000 beneficiaries in October, 2019, in comparison with 118,000 in 2009, he said, noting that the percentage of early retirees has climbed from 37.6 per cent in 2009 to 48.7 per cent of total retirees.