‘Retirees borrow JD5.4m from SSC since launch of new programme’

AMMAN – The Social Security Corporation (SSC) on Saturday said it has so far extended JD5.4 million in soft loans to 1,663 retirees under a new programme launched on July 18. 

The corporation has allocated JD20 million to the programme to provide soft loans to its retirees for personal or business expansion purposes, SSC Director General Nadia Rawabdeh said in a statement.

The corporation has launched a media awareness campaign to inform retirees of the programme, and explain the conditions and ways to benefit from the loans, she said. 

According to the SSC, the interest rates are 5 per cent for personal loans and 3.5 per cent for loans to expand existing businesses.

Applicants can borrow up to 10 times their retirement pensions with a ceiling of JD10,000, provided that their monthly pensions do not exceed JD2,000, said Rawabdeh, adding that payment can extend over 60 months or until the beneficiary reaches 70 years of age.

The initiative is open to widows receiving shares from the pensions of their husbands, in addition to early retirees and those who retired due to natural or work-related disabilities, she explained. 

The move is part of the government’s executive economic programme to address poverty and unemployment, according to officials.

Different insurance measures will be taken to secure repayment, the official added.

Last month, Labour Minister Ali Ghezawi, who is also SSC chairman, said over 75 per cent of SSC retirees received monthly pensions below JD400.