Latest news with #SocialSecurityFund
Arab Times
a day ago
- Business
- Arab Times
Your Highness the Prime Minister ... When will Kuwait change?
Before the new era's measures, which halted squandering, tampering with all aspects of the State, and chaos in government positions, the State wasted many opportunities and even made it appear to be experiencing premature aging and deficits in several sectors. Without a doubt, the tampering has affected the sovereign wealth and all arms of Kuwaiti financial power. It has affected the backbone of the State. Therefore, after the measures taken in the new era, attention should be given to the Future Generations Fund, social security, oil revenues, and commercial and industrial activities, which, along with other aspects, constitute the gross domestic product (GDP), in addition to openness. Your Highness, the Prime Minister, as a financial and economic expert, we speak frankly to you. 'It is now time to consider strengthening the financial industry of Kuwait and to maximize its soft power.' When the Future Generations Fund was established, it was partly for the future and long-term investment, as HH the late Sheikh Jaber Al-Ahmad (may Allah have mercy on him) had envisioned. Before that, Kuwait was the first in the world to establish an investment fund in 1953. This has accumulated over the past decades. Ironically, Norway, which established a pension fund in 1990, is far ahead of Kuwait despite the recent introduction. Why? Without a doubt, the shortsightedness that citizens are 'specialized' in is the reason. China, with its wealth of great minds, did not accept this. In 1978, it hired the British expert of Iraqi origin – Elias Korkis – who made a strategy that turned China into the second-largest economy in the world today. Similarly, Singapore transformed itself from a poor country rife with corruption into the largest productive economy in Asia and an internationally renowned financial center. Your Highness, the world is changing, and many countries, including those in the region, have far outpaced Kuwait because they tapped local and foreign talents and utilized their sovereign wealth in various productive sectors, both domestically and internationally. At home, they invested in vacant land, built service facilities, and even entertainment cities that helped boost the GDP. Today, the Social Security Fund serves around 150,000 pensioners. In the future, it will serve thousands more. It suffers from an actuarial deficit, which is easy to address. It has liquidity that can be invested locally; which is much better than losing that money, as it happened in Lebanon. Undoubtedly, oil revenues have an investment function as well – to help develop industrial facilities, not only domestically in the oil industry, but also in many other fields. This requires experts who do not necessarily wear the 'ghutra' and 'egal', but rather come from abroad and have succeeded in other countries. Today, there is no longer pressure on the government – whether from members of Parliament or influential figures. It has become imperative to begin the process of recovery, with development based on a vision to enhance the GDP on one hand, and achieve economic stability on the other hand. This can be done by leveraging Kuwait's soft power tools in the region and the world, building a sound financial system, and preventing the future exploitation of sovereign wealth for reckless adventures. Your Highness the Prime Minister, the path of finance and the economy in America is managed by experts who are not necessarily from the country itself. They are honored and they receive their dues. In Kuwait, there are oil reserves, sovereign wealth, social security, and the Ministry of Finance; that is, if it has people who know how to maneuver and profit. Your Highness, the Prime Minister, all other countries in the world employ the best minds of other nationalities to serve their economies and enhance their GDP. Therefore, applying the popular proverb, 'All roads lead to Rome,' has become a necessity. What matters is the decision. This is the time to say that our country, Kuwait, has really changed.
Bloomberg
4 days ago
- Business
- Bloomberg
China's ‘National Team' Perfects the Art of Dip Buying
The stock market is not the economy. This year, other factors, such as retail participation in the US and corporate governance reform in South Korea, are pushing markets to tease record highs despite aweak economic reality. In China, a key catalyst is the involvement of the so-called ' national team,' a group of institutional investors that buys index funds to stem market routs. The main players include Central Huijin Investment Ltd., a domestic unit of the sovereign fund China Investment Corp., China Securities Finance Corp. and the Social Security Fund.
Jordan News
16-07-2025
- Business
- Jordan News
Cabinet Approves Debt Installment Plan for 'Hafiz' Program Companies - Jordan News
The Council of Ministers, in a session held on Wednesday and chaired by Prime Minister Dr. Jaafar Hassan, approved new measures to support economic activities and ease their financial burdens. Among these was a decision to allow companies benefiting from the "Hafiz" program—a temporary employment support initiative in the digital and entrepreneurial sectors—to pay off their debts in installments. اضافة اعلان This includes retroactive differences in monthly social security contributions and late payment penalties from 2023, which can now be paid over a period of five years in 60 monthly installments, starting from the month following the signing of an installment agreement with the Social Security Corporation. The decision allows the continued implementation of the "Hafiz" program, under which the government has already covered JD 1.9 million in outstanding contributions owed to the Social Security Corporation on behalf of program employees. This aims to protect the financial entitlements of the Social Security Fund while ensuring the program's sustainability. The program's continuation paves the way for the employment of approximately 600 young men and women in the information technology sector, particularly in integrated government service centers and in private companies in need of IT support or technicians. These companies can hire staff for a period of 6 to 12 months, during which the Ministry of Digital Economy and Entrepreneurship will cover up to 50% of the new employee's monthly salary, whether in the public or private sector. The "Hafiz" program aligns with the goals of the Economic Modernization Vision, which seeks to digitize government services, enhance digital skills, improve the business environment, and foster conditions conducive to private sector growth.
The Hindu
03-07-2025
- Business
- The Hindu
Are gig workers a part of India's labour data?
The 2025 Union Budget took several measures to formally 'recognise' gig and platform workers, and extended various social protection schemes to this growing workforce. Despite this recognition, the revised Periodic Labour Force Survey (PLFS), 2025 does not include substantive changes to account for the diverse forms of gig and platform work. Gaps in labour classification Gig workers were first incorporated into the legal framework through the Code on Social Security, 2020. Under Chapter I, Section 2(35), a gig worker is defined as 'a person who participates in a work arrangement and earns from such activities outside of a traditional employer-employee relationship.' Platform work, as defined in the Code, is 'a work arrangement outside of a traditional employer-employee relationship in which organisations or individuals use an online platform to access other organisations or individuals to solve specific problems or to provide specific services or any such other activities which may be notified by the Central Government, in exchange for payment.' While this definition separates gig workers from both formal and informal categories, it doesn't clearly define who a gig worker is or the nature of gig work. According to NITI Aayog's 2022 report 'India's Booming Gig and Platform Economy,' the gig workforce is expected to reach 23.5 million by 2029-30. Despite such projections and efforts to define gig work, India's primary labour statistics source, the PLFS, continues to subsume gig work under vague categories such as 'self-employed', 'own-account workers', or 'casual labour'. This statistical invisibility has direct consequences. Clause 141 of the Code on Social Security, 2020, 'seeks to provide that the Central Government shall establish a Social Security Fund for social security and welfare of the unorganised workers, gig workers and platform workers.' Similarly, the National Social Security Board, constituted under Section 6 of the Code on Social Security, 2020, is tasked with framing and overseeing welfare schemes for gig and platform workers. Such welfare boards and policymakers rely on the PLFS for 'evidence-based policy,' but the absence of a distinct category for gig and platform workers undermines its very intent. When classification itself is unclear in primary datasets, access to schemes becomes uneven and exclusionary. How the PLFS falls short In response to a Rajya Sabha query on whether the government had updated PLFS methodology to capture the rise of gig work, the Ministry of Statistics and Programme Implementation stated, 'No updation in the PLFS Schedule has been undertaken with the objective of specifically identifying persons engaged in the gig economy. However, all market activities i.e. activities performed for pay or profit which result in production of goods and services for exchange are included under the domain of economic activity considered in PLFS. The activity situation of a person who is found to be working or being engaged in economic activity during a specified reference period is associated with employment in PLFS. Hence, even the persons engaged in 'gig economy' for pay & profit are covered in PLFS.' Though gig work is technically included under economic activity, without a specific category or classification, the survey fails to offer visibility into the unique nature of digital labour, characterised by multiple job roles, dependence on algorithms, lack of formal contract and absence of safety metrics. In the survey, while the question on the type of job contract provides an option for 'no written job contract', it doesn't capture the hybrid nature of work. Unlike traditional self-employment, gig work is shaped by platform algorithms, performed across multiple apps and are mostly task-based rather than time-bound. Workers have no stable contracts, and often rely on digital reach. Many lack access to benefits or protections available to formal workers, and don't fully own their work processes, making the 'self-employed' label misleading. Employment uncertainties, income volatility and algorithm governance remain invisible within PLFS classification. A food delivery person working across platforms like Swiggy, Zomato, for instance, will be flattened into a category that does not reflect entirely on their employment conditions or social security needs. Recognition without representation Recent policy efforts like the e-Shram registration, the issuance of digital ID cards, and health coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana indicate the state's recognition of the gig and platform workforce. But unless statistical systems like the PLFS evolve, the data meant to support and monitor these interventions cannot be considered inclusive. The 2025 PLFS revision introduced some important updates: a larger sample size, monthly estimates, and better rural representation. However, it still does not address the issues of how gig work is defined and understood. For inclusive policy making, India must update PLFS classification codes or introduce survey modules that distinctly capture gig work. Durga Narayan is a policy researcher affiliated with the Indian Institute for Human Settlements (IIHS) and the Observer Research Foundation (ORF), Mumbai.
Jordan News
01-06-2025
- Politics
- Jordan News
Prime Minister Announces Housing Projects and New Benefits for Teachers - Jordan News
Prime Minister Announces Housing Projects and New Benefits for Teachers During a visit to the Ministry of Education today, Prime Minister Dr. Jaafar Hassan emphasized the government's commitment to supporting teachers, describing them as 'the guardians of future generations.' اضافة اعلان Dr. Hassan stated that he had listened to various concerns raised by teachers during his provincial visits and affirmed that the Ministry of Education is the primary entity responsible for teachers' welfare. As part of this support, the Prime Minister instructed the allocation of land for teacher housing projects across the governorates through the Housing and Urban Development Corporation, with funding to be included in the 2026 national budget. He also addressed delays in disbursing emergency loans from the ministry's Social Security Fund, pledging to allocate the required funds to process all pending applications this year and expedite approvals. Additional announcements included: Enhanced long-term, low-interest financing options for teachers through the Social Security Fund. A review of the Teachers' Children's University Scholarship Program, with planned increases in both the scholarship value and the number of beneficiaries starting September. An increase in teacher representation in Jordan's official Hajj delegations, now including spouses. A nationwide school development plan involving: The construction of 85 new schools. The expansion of 35 small schools and the addition of new classrooms. Opening 7 schools at the start of the next academic year and 11 more by the second semester, under a corporate social responsibility (CSR) initiative with the private sector. Dr. Hassan also underscored the importance of instilling national identity in schools, insisting on the mandatory morning assembly, raising the Jordanian flag, and reciting the royal anthem in all schools. Regarding the upcoming Tawjihi (General Secondary Education Certificate) exams, he stressed the need to ensure a suitable and supportive environment for students, adding that Jordan's education system must focus on developing competencies, not just issuing diplomas. He concluded: 'There is no real meaning or future for national progress without a modern, quality education system.'
