Six Recommendations Agreed for Arab Pension Systems at APSIC 2022
Manama— Bahrain: The 6th Arab Pension & Social Insurance Conference was held last week in Sharm El Sheikh, Egypt. The event was well attended by 18 countries, plus global, regional and local industry specialists, and produced a strong image of a way forward for pension reforms and development in the region. After two days of thematic sessions, the conference reached six recommendations, which are summarized as follows:
First, work on developing the Arab Pension & Social Insurance Conference to turn it into a professional umbrella that includes all institutions working in the field of social insurance and private pension funds; to collect, analyse and share the experiences of all member states with the aim of maximizing the exchange of knowledge for social security institutions and the dissemination of specialized research and surveys in this field.
Second, the importance of spreading insurance awareness to citizens, business owners, pensioners, and beneficiaries. The importance of social insurance should be highlighted in a simplified manner so that messages are well received. Conducting community dialogues with retirees and other participants and non-participants, to reform pension systems and offer alternative solutions where necessary.
Third, the importance of establishing a ‘strategic management unit’ in social insurance institutions, to deal with and overcome global crises and maintain financial sustainability.
Fourth, develop, adopt and implement digital transformation policies and strategies with the aim of enhancing governance and transparency.
Fifth, work on developing and managing social security surplus funds through a specialized department that works professionally in such a way to ensure investment returns help achieve financial sustainability and be guided by the recent experience of the Kingdom of Saudi Arabia, the Hashemite Kingdom of Jordan and the Arab Republic of Egypt.
Sixth, work on documenting the success experiences that were reviewed during the conference sessions, such as the case of legislative and administrative reforms in the Arab Republic of Egypt and the experience of customer service excellence and communication channels in Saudi’s General Organization of Social Insurance.