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House of Representatives called upon to repeal Law No. 1 /2O22.

Pulbished on:

Tripoli, 16 January, 2022 (Lana) - The Social Security Fund and the General Syndicate of Retirees called on the House of Representatives to repeal Law No. 1 of 2O22 issued by the House, which allows voluntary retirement for workers in companies in order not to risk the fate of the Social Security Fund, stressing the need to take every action.

 The Fund and the Syndicate made it clear in a joint statement that it is not hidden from anyone the importance and sensitivity of the role played by the Social Security Fund in strengthening social protection in its full meaning and purposes, foremost of which is securing the disbursement of pensions of all kinds to nearly five hundred thousand families, i.e. approximately one and a half million Libyans, who do not have by virtue of legislation except the pension Guarantee.

The statement pointed out that almost half of the Libyan people depend on the Social Security Fund to secure their pension as the only source of income, as legislation prevents them from receiving any other income that finances its source, even partially from the public treasury, and we all know that the value of the pension, which depends on scientific studies ( Actuarial) and calculations that took into account all factors such as the salary value, the inflation rate, the period of services, the contribution rate, the estimated duration of the average life span, sources of financing, and all this and other unexpected details.

 The statement added that based on the foregoing, the surprising and regrettable action, there are reactions that spread in the offices of the Social Security Fund and among retirees across the country towards the issuance of this new Law.

It needs an expert opinion in order to anticipate that the financial position of the Fund will be at risk of bankruptcy due to the financial exhaustion that is certain to occur as a result of this law, in which the opinion of the Fund or the security experts was not taken.

The statement addressed the Presidency of the House of Representatives and the Representatives who are keen on the public national interest and who enjoy a sense of responsibility towards the interest and fate of thousands of Libyan families and millions of Libyans to work to abolish this law and prevent the risks dragging Social Security Fund into bankruptcy.

=Lana=