Expats in UAE briefed on benefits of optional SSC subscription

AMMAN — The Social Security Corporation’s (SSC) assets reached JD6.86 billion at the end of 2014, and the corporation’s revenues for 2015 are expected to surpass JD1.25 billion, SSC Spokesperson Musa Sbeihi said Tuesday.

Sbeihi made the remarks during a meeting with around 200 members of the Jordanian community in the UAE, organised by the Jordan society in Abu Dhabi. 

The meeting, held during a visit to the UAE by a delegation comprising SSC and Hajj Fund members, aimed at encouraging the expatriates to apply for optional subscription with the SSC and acquainting them with the benefits of the Social Security Law, according to an SSC statement.

Sbeihi said the SSC achieved a surplus of JD393 million in 2014, 15 per cent higher than the surplus it achieved in 2013, with the surplus for 2015 expected to reach JD550 million, a growth rate of 18 per cent compared to 2014.

SSC systems can be considered as “poverty blockers”, he added, noting that pensions in general contribute to reducing poverty rates in the Kingdom.

Sbeihi explained that poverty rates would rise from 14.4 to 21.6 per cent if pensions are excluded from individuals’ current incomes, citing a study carried out by the SSC.

Hajj Fund Director General Wael Arabiyat said the fund, unlike other saving and investment institutions, targets small savers where citizens can open accounts for their family members and allocate fixed deductions, with the possibility of withdrawing these savings at any time.

Hassan Qudah, head of the Jordan society, said the meeting aimed at discussing issues that concern expatriates in the UAE and explaining the mechanisms that would facilitate the process of subscribing to the SSC, the statement added.