Jordan: The Social Security Cooperation of Jordan recently shared an update regarding the signing agreement between the Jordanian Doctors Union and Social Security to prepare an actuarial study for its retirement fund.
According to the reports, the General Institution for Social Security and the Jordanian Doctors Union signed a cooperation agreement to conduct an Ectuarian study to benefit its pension and social security fund for doctors in the general administration building of the institution.
Furthermore, the agreement was signed by the Social Security Institution, the Director of the Directorate of Human Resources Development, Dr Qais Al-Battoush, and the Jordanian Doctors Union, its captain, Dr Ziad Al-Zaabi.
On his part, Dr Battoush, Director of HRD, said that the institution has extensive experience in actuarial studies and has all the necessary capabilities and expertise to conduct this study. Initially, the institution is ready to cooperate and provide all facilities to accomplish this study.
In his turn, the head of the Jordanian Doctors Union, Dr Ziad Al-Zaabi, in cooperation with the Guarantee Foundation, benefits from the experiences accumulated at the Institute. He noted that the study by the Guarantee Institute would take into account various demographic, social and economic variables.
The results of this study include information to know and measure expectations, revenues and expenses of the Union’s pension fund for the next 25 years to ensure the durability and continuity of the retirement system in the future, said reports.
Moreover, under the agreement reached between the two parties, the Guarantee Institution commits to preparing studies, analysis and estimates for the next twenty-five years for the Jordanian Doctors Pension Fund, which lasts for (6) months from the date of supplying the required data in accordance with the criteria it adopts for that purpose.
The agreement also stated that the Guarantee Foundation committed to studying the current situation of the Union Pension and Social Security Fund and the needs and requirements of the Financial Pension Fund.
In addition to the study of the financial liabilities placed on the Pension Fund from payments and requirements of the Fund to its affiliated members, and the calculation of the monthly premium paid by the doctor member of the Joint Fund spent monthly according to The value of pensions, studying the current memberships of co-doctors including syndicate members and providing financial recommendations for them.
Notably, the study will also analyse the financial position of the Fund to be in a safe, sound and good position, study the expected cash flow and the placement of various alternatives available, study the surplus and deficit in the Fund, in addition to the estimation of the number of participants, retired and registered doctors, the number of doctors under study and the preparation of preliminary and final reports for the analysis.