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Memorandum of Understanding between Social Security Corporation and Endowment Funds

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Memorandum of Understanding between Social Security Corporation and Endowment Funds-image

Memorandum of Understanding between Social Security Corporation and Endowment Funds

Today, Sunday, the Endowment Funds Development Department and the Social Security Corporation signed a Memorandum of Understanding, with the goal of providing service to the insured who receive pension salaries under the Social Security Law to facilitate their payment of the monthly contributions.

The memorandum was signed by its General Manager, Mahmoud Badr Al-Hadid, and the corporation’s General Manager, Dr. Hazem Al-Rahahleh

Al-Hadid indicated that the signing of the Memorandum of Understanding establishes complementary cooperation and coordination to achieve the service of the Ministry of Awqaf’s insurance pensioners within the framework of current legislation. Also, noting that the Memorandum of Understanding allows retired endowment employees in all governorates of the Kingdom to deduct the monthly installments from their pension salaries as a result of the benefits from the funds provided by the department. Al-Hadid highlighted that the Endowment Funds Development department’s commitment to serving its retirees, as well as assisting them and cooperating in their best interests. The Endowment Funds Development directorate plays a vital role in achieving local development through the management of the investment, development, and preservation of endowment funds.

Al-Hadid also recognized the Social Security Corporation’s critical national role, particularly during the Corona pandemic crisis, and the Corporation’s support programs for contributors and beneficiaries.

For his part, Al-Rahahleh, stated that the Social Security Corporation is a national institution whose vision is focused on providing distinguished service to the public, including contributors and retirees, and is committed to the satisfaction of service recipients, which is consistent with the Corporation’s principles and values. It seeks to provide all means and methods that would reduce the time and effort required of retirees, emphasizing that this Memorandum of Understanding is a necessary component of that effort.