Saleh renewed his warnings about the pension fund regrets for "interpretation" wrong

Author: AB, ZJ
Editor: AB, BK

12.28.2016 17:47


Long-Presse / Baghdad
New financial advisor to the Prime Minister Haider al-Abadi, warning of the possibility of "bankrupt" the pension fund in the long term, while he regretted the interpretation of previous warnings on this file "is incorrect and misrepresentation of his remarks."

He said the appearance of Mohammed Saleh, in an interview to the (long-Presse), "The National Pension Fund is a sovereign wealth," noting that "there are many laws and embarked eventually become gradually gobble up the Fund's resources without the contributions increase investment returns."

Saleh added that "eating the reform of the pension fund and the invitation file to create a pension fund united in solidarity with the private sector has been by him two months ago, where he was warning of the bankruptcy of the fund in the long term if the situation remains as it is, without reform," and expressed regret "to explain his remarks that incorrectly."

He was the financial advisor to the prime minister, said in an interview with the (long-Presse), in (the 27 of November 2016), The years after 2003 saw a large number of the beneficiaries of the pension fund from those who were not with previous contributions to the fund, noting that led to a decrease in contributions to the pension fund, making it "a real bankruptcy concerns."

The retired state employees fund, established under Article 18 of the Unified Retirement Law No. (27) of 2006 amended, and is linked to the national retirement Authority.

The Fund shall, under the law, the task of identifying departments and people who have to pay the arrests pensions and their data collecting and recording data on circles of various state and personal data and data business, jobs, management and updated to ensure accuracy, reliability and the collection of arrests pensions from all state departments and its various institutions and symbols allotted the numbers for all state employees and ensure archiving and secure all data for data protection and subscriptions collection system, according to the software and systems calculator and determine the amounts to be collected from the state departments and determining the shortage or increase in the amounts sent and issuance amounts due notices, as well as the registration and collection of all amounts received by the Fund's account, as well as received and deducted 7% of the monthly salary of the employee to calculate the arrests pensions and pay employee circle 12% of the employee's salary to calculate monthly pension arrests these amounts are sent to the state employees retirement fund in turn, an important pension insurance.

Iraq has suffered from a severe financial crisis as a result of the deterioration of oil prices, the war being waged against terrorism, which forced him to take a series of austerity measures, and recourse to borrowing from state agencies, especially the International Monetary Fund and the World Bank.

Source