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    04-Aug-2019

Amendments to SSC offer possibility to fund education

 

The Jordan Times

 

AMMAN — The Social Security Corporation (SCC) has proposed an amendment to the SSC Law that allows those covered by the unemployment insurance to use their accumulated credit to fund their children's education. 
 
SSC Spokesperson Musa Sbeihi told The Jordan Times on Saturday that the unemployment insurance covers all workers in the private sector, noting that so far there are 692,000 subscribers covered by this insurance with a total credit of JD275 million.
 
The unemployment insurance started in September of 2011, Sbeihi said, noting that more than 86,000 subscribers have benefitted from it so far, reimbursed with over JD75 million in return for their unemployment periods. 
 
The proposed amendment came in light of the increased higher education costs as well as to increase the benefits of the unemployment insurance, Sbeihi said, adding that once it comes into effect, those covered will be able to withdraw from their balance to cover the education costs for their children even while still employed. 
 
"In 2018 alone, 20,000 subscribers covered by the unemployment insurance benefited from the fund, with a total of JD24 million," the SCC spokesperson said, noting that a certain percentage is given to the insured during each month of unemployment, depending on their latest salary and subscription duration.
 
Therefore, in the first month of unemployment, the insured receive 75 per cent of their latest salary, but the cap on the amount given is JD555, so even if, for example, their latest salary was JD1,000, they will only receive JD555 on the first month of unemployment, and then the percentage goes lower each month, according to Sbeihi. 
 
The insured can benefit from the unemployment insurance three times during their subscription to the social security period, each of which lasts a total of six months of unemployment. 
 
"Of course, those who do not need to use the unemployment insurance at all or use only a little bit of it, and then they retire and are not under the SCC law whatsoever, they will receive the total credit in their account as well as the investment revenues on that amount," Sbeihi said.
 
He added that 1.5 per cent of an insured's salary goes to the unemployment insurance subscription, 1 per cent from the employee and 0.5 per cent from the business owner.
 
 

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