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AMMAN — The Social Security Corporation (SSC) has announced a new package of incentives for indebted businesses, reducing interest rates on debt installment plans from 9 percent to between 2 percent and 6.5 percent, depending on the repayment period.
In a statement on Sunday, the SSC said that the decision, approved by the board of directors, aims to support economic sectors and encourage employers to settle outstanding social security obligations.
The corporation said that businesses seeking to repay or reschedule their debts can apply under the new scheme from June 15 through December 31.
Under the revised terms, installment interest rates will start at 2 percent for repayment periods of up to 12 months. The rate will increase by 0.5 percentage points for each additional year of repayment, reaching a maximum of 6.5 percent for repayment periods extending to 120 months.
The SSC said that businesses that have not previously benefited twice from earlier decisions granting reduced installment interest rates will be eligible to apply under the new programme, subject to the specified conditions.
The corporation also said that tourism-sector establishments and municipalities will continue to benefit from the current arrangement, which allows them to repay debts at a zero-percent interest rate until June 30.
After that date, they will be eligible to apply for the new installment programme, it said.
