Studies & Economic Media Center (SEMC) has organized a press conference
Studies & Economic Media Center (SEMC) organized a press conference to declare the “Draft of Social Security and Pensions” according to the outputs of NDC (National Dialogue Conference) in cooperation with the German foundation Friedrich-Ebert-Stiftung (FES), and in partnership with the Workforce Committee in the Yemeni Parliament.
SEMC Chairman Mr. Mustafa Nasr clarified that social security law draft came to enhance the role of community monitoring the social security sector and implementation of the outputs of the NDC which included the establishment of an independent authority for social security.
He pointed out that the center worked along with FES, a team of experts and specialized institutions over the past number of years for the development of the security sector through studies, workshops, mini-seminars on the status of social security, imbalances of institutional, legislative and investing in its institutions where most of security funds treasuries invested, that are exceeding one trillion and two hundred millions, Riyals came out with an extremely simple interest rate or vanished in projects that are mostly unsuccessful.
The expert in the field of social security, Mr. Nasher Al-Absi gave a presentation on the insurance activity in Yemen, which runs from 60 years ago, where workers in Aden have demanded for the implementation of insurance. It has reached through multiple stages in the south and north of the country as it is now.
He explained that insurance in Yemen is under-developed, where it doesn’t reach up to the social insurance and insurance institutions levels abroad, and doesn’t reach the level of the aspirations of Yemenis, as it does not exceed the 32% percentage of the insurance coverage of the active entities in the country, noting that losses of the insurance sector in Yemen are very big and estimations are stated to be more than 800 billion riyals, with insurance coverage not reaching to the large segments of workers, farmers, fishermen and vehicle drivers.
He pointed out to the importance of this project, which dealt with a lot of shortcomings of Legislative insurance sector in Yemen. He also pointed out that the capital of insurance institutions in Yemen, until July 2014 has reached one trillion and 280 billion Riyals; however insurance in Yemen does not achieve economic feasibility expectations where in many other countries the insurance sector is considered a great wealth of the people and the state.
The law draft prepared comes as a summary of discussions with experts in all the concerned parties of social insurance in Yemen, taking advantage of the experiences of many countries in the globe in the social security sector.
This project, which is implemented by SEMC in collaboration with the FES included three stages, and is seeking to reform the social security sector and promote social protection.
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