Indebted firms urged to make use of SSC decision

AMMAN — The Social Security Corporation (SSC) has urged entities with debt to benefit from the new decision the board of directors has made to lower the interest rate at different percentages on payments made through instalments.

SSC Spokesperson Musa Sbeihi told The Jordan Times on Saturday that 95.5 per cent of entities with debt are private sector companies and facilities, of which those with no pre-made instalment agreements can benefit from the decision.

Under the decision, indebted companies that apply to pay their debt through instalments between August 1 and until September 30, will only pay 5 per cent interest rate. 

The rate increases to 6 per cent for companies that apply to pay in October, 7 per cent in November and 8 per cent in December, and once 2019 is over, companies that pay afterwards will pay the usual interest rate of 9 per cent on their debts, according to Sbeihi. 

The decision was made to reduce burdens on facilities indebted to the SSC in light of the economic conditions they are facing, the corporation spokesperson said, noting that this could encourage them to pay their debts as soon as possible with lower interest rates than before, except for facilities that already have instalment agreements currently active with the SSC. 

The accumulated debt on facilities registered with the SSC reached JD350 million, of which JD90 million is included in active instalment debt payment agreements.