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Ammon News - A regional seminar on funding sources diversification and investment opportunities in the Arab social insurance institutions on Sunday kicked off in Amman aimed to enhance social protection programs.

The symposium is organized by the Arab Labor Organization (ALO) and Arab Association for Social Security, in partnership with Jordan Social Security Corporation (SSC).

Deputizing for Minister of Industry, Trade, Supply and Labor, SSC Director General, Mohammad Tarawneh, said during the opening ceremony that Covid-19 pandemic revealed fragility of economies that failed to offer social insurances, which caused poverty expansion in those countries.

Program diversity and social security development succeeded in achieving their goals, and had the "greatest" impact in alleviating pandemic-related effects and other global crises that adversely impacted societies, he noted.

This joint effort also showed the "urgent" need to provide social protection for sectors uncovered by social protection systems and introduce packages of programs and policies that enhance efficiency of labor markets to reach social safety, he pointed out.

Noting the "remarkable" challenges facing insurance sustainability for Arab social insurance institutions, he said the key solution to realize sustainable insurance benefits systems and their continuity in performing their duties are investing in portfolios and conducting actuarial studies.

The two-day event will go over future prospects for financing social protection systems to achieve financial sustainability, and shed light on tax-financed pensions to ensure a minimum income, according a SSC statement.

It also tackled coverage expansion of social security institutions for all economic sectors' workers and proposed ways to benefit from the "leading" Arab and global experiences in this regard, the statement noted.