SSC insurance revenues rose to JD976m in 2013

AMMAN — The Social Security Corporation (SSC) posted a 9.4 per cent increase in insurance revenues in 2013, reaching JD976 million from JD892 million the year before, a SSC report showed Wednesday. 

The rise in revenues, however, was coupled with an increase in expenditure to cover insurance services of pensions, work injuries and compensations, which went up by 11.5 per cent last year to reach JD609 million, compared with JD546 million in 2012, the SSC said in a statement e-mailed to The Jordan Times.

But despite the increase in expenditure, the corporation recorded a higher surplus last year, amounting to JD334 million compared with JD306 million in 2012. 

The surplus is the difference between the revenue generated from insurance subscription fees and funds spent to cover pensions, work injuries and compensations, among other obligations.

The number of active subscribers exceeds one million, working in 45,165 establishments, while the number of subscribers who joined the SSC insurance voluntarily went up by 5.9 per cent to reach 64,191people, according to the SSC report.

The number of overall pensioners reached 153,167 by the end of last year; 8,540 people retired in 2013, nearly 59 per cent of whom took early retirement, the statement said. 

The number of work injuries recorded by the SSC dropped by 7.4 per cent to 15,822 last year, the corporation said, attributing the decline to awareness and media campaigns it organised.