Press association launches pension fund

AMMAN — The Jordan Press Association (JPA) on Monday launched a pension fund to which all members aged 50 years and below are obliged to subscribe.

The fund was created under recently introduced amendments to the JPA Law, which went into effect in mid-July.

It is mandatory for journalists to subscribe to the fund but they have the option to choose one of two categories, JPA President Tareq Momani said at a press conference.

The first category entails payments of JD10 per month for the first 10 years, JD15 per month for the second 10 years and JD20 monthly for the third 10 years. At the completion of the 30 years, a member would get JD180 per month as pension.

Under the second category, a journalist can pay JD20 per month for the first 10 years, JD25 per month for the second decade and JD30 per month for the third 10 years. 

Subscribers in this category will get JD300 as a monthly pension upon the completion of 30 years, Momani said.

“After the completion of the first 10 years, subscribers can ask for early pension and will receive a smaller amount of the total pension in each category,” he added.

Each journalist should pay the subscription fees at the end of every month and any delay will add 9 per cent interest on the amount, Momani noted, citing the newly endorsed regulations governing the pension fund.

“The launch of the fund is very important for journalists. We have been calling for such a fund for years,” he said.

Subscribers can submit a request to the association asking to postpone the payment under certain circumstances, such as if they are detained or imprisoned, or unwell and unable to perform their usual work activities, or other urgent situations, according to the fund’s regulations.

Members who sustain certain serious disabilities are entitled to receive a pension upon providing a certified medical report.

The JPA began receiving payments to the fund on July 15, according to the association.