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Pensions to be increased by 1.2%

By JT - Dec 11,2012 - Last updated at Dec 11,2012

AMMAN –– The Social Security Corporation (SSC) board of directors has decided to raise pensioners’ salaries by 1.2 per cent on top of the 3.2 per cent increase given to retirees in March this year.

The newly endorsed increase will be paid retroactively since last March, with the money to be transferred to the pensioners’ accounts in January, SSC Media Director Musa Subeihi said at a press conference on Tuesday.

Subeihi explained that after reviewing data on subscribers’ salaries, the SCC found that the average annual growth of salaries reached 4.8 per cent in 2011, more than the 3.2 per cent raise given in March this year, according to a statement e-mailed to The Jordan Times.

The Social Security Law includes a provision to tie pensions to the inflation rate or the average annual growth of salaries, whichever is less, so retirees can cope with rising living costs, he noted.

As the inflation rate in 2011 stood at 4.4 per cent, the corporation decided that the increase in pensions should match the growth in the inflation rate.

A total of 91,827 pensioners will benefit from the recent increase, according to Subeihi.

The cost of the measure is estimated at JD938,000 a year, which will push up the overall cost of an inflation-tied increase to JD8.3 million, the statement said.

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