The Social Security Corporation (SSC) and the Association of Banks in Jordan have signed a memorandum of understanding (MoU) aimed at enhancing mutual cooperation between the two parties, improving the level of services provided to the public, and delivering services to the insured individuals, retirees, and their beneficiaries under the Social Security Law. This includes reducing the likelihood of retirees and beneficiaries failing to meet their monthly obligations to banks. The signing took place at the SSC’s headquarters.

The MoU was signed on behalf of the SSC by its Director General, Dr. Mohammad Saleh Al-Tarawneh, and on behalf of the ABJ by its Director General, Dr. Maher Al-Mahrouq.

Dr. Mohammad Saleh Al-Tarawneh, stated that this MoU represents an example of integration and cooperation between the public and private sectors to serve citizens. He emphasized that the SSC’s audience exceeds 2 million people, including contributors, retirees, and beneficiaries, making cooperation with the Association of Banks crucial to enhancing the quality of service provided to its affiliates.

Al-Tarawneh stressed that this partnership also represents a shared interest and serves as a key pillar in achieving the ambitions of the Jordanian state and establishing its position as a progressive model that provides a suitable climate and a supportive environment for investment to enhance economic growth and sustainable development. He pointed out that the Economic Modernization Vision launched by His Majesty the King, which extends from 2022 to 2033, focuses on the private sector and emphasizes the importance of strengthening partnerships between the public and private sectors, as no sector can succeed in isolation from the other, affecting the quality of outcomes.

Al-Tarawneh also highlighted that this MoU opens doors for understanding and cooperation with partners in the banking sector, noting that the SSC is committed to ensuring that retirees and insured individuals receive the best service of the highest quality and standards.

For his part, Dr. Maher Al-Mahrouq, explained that although this is not the first MoU with the SSC, what distinguishes it is that it represents the first step towards organizing the relationship between the SSC and banks. Its importance lies in serving as a protective measure for the SSC’s affiliates and beneficiaries, particularly retirees.

Al-Mahrouq emphasized that at the ABJ, they take it upon themselves to ensure that retirees or affiliates receive proper service and achieve the highest levels of excellence and leadership in the services provided to them. He expressed eagerness for further cooperation with the SSC, considering it a key partner of the banking sector. The partnership with the SSC is well-established, deep-rooted, and enduring, representing a national interest for the Jordanian economy.

Al-Mahrouq also extended his gratitude to the SSC for its cooperation with ABJ in recent years, noting that the SSC is a national institution that cares for a large segment of insured individuals and retirees and provides them with social protection.

Under the terms of the MoU, a liaison officer will be appointed in each bank to ensure smooth communication with the SSC, monitor and resolve any obstacles faced by the SSC in disbursing retirement pensions, insurance benefits, and employee salaries, as well as manage the related accounts and refunds.

Additionally, the ABJ will coordinate with the SSC and member banks to address any obstacles in their relationship, leading to the signing of understandings between the Association and each member bank, and to work on updating the systems for joint operations between the SSC and member banks to align with the developments in financial technology tools and modern payment systems.

The MoU also includes organizing the process of transferring retirement pensions and providing clearance certificates for retirees electronically, and setting a debt burden ratio of 50% of the retirees’ total salary to ensure their ability to meet all their obligations and to cover living expenses, thereby protecting them from financial hardship.