SSC board finalizes draft separating investments from pension fund
The Social Security Corporation (SSC) board of directors, chaired by Minister of Labour Eid Fayez, has completed a new draft law which separates the corporation's investments from its pension fund and other social security services.
The draft, written with the aim of providing social security services priority in dealings away from the influence of the corporation's investment projects, has already been sent to the Cabinet for approval. The draft is expected to be put to debate in Parliament's next ordinary session slated to open Nov. 25.
According to news reports, the draft law grants those in charge of SSC's investments more freedom to conduct investment-related projects independently of the board of directors. However, any decision made in regards to these investments still requires approval by the board, the reports said. Government officials have on more than one occasion said the government was planning to change the corporation's law to enable it to become administratively independent and to conduct its investments free of government control.
One popular suggestion had envisioned the SSC setting up a body or company that would be financially and administratively independent.
The SSC owns shares in many of Jordan's lucrative institutions including the press. According to observers, the administrative independence of SSC's investment branch will somehow lessen government control or influence over the work policy of these institutions.― (Jordan Times)
© 2000 Mena Report (www.menareport.com)