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The economics of social security for workers
Economical 07/04/2023
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Muhammad Sharif Abu Maisam
in the market economy system It is not possible to create a healthy work environment that attracts investments and is free to some extent from the activities of the shadow economy and tax evasion in a manner that controls the records of the relevant government institutions, unless the market relations are regulated, and among the most important elements of the market is the labor force that needs To a package of laws related to the work environment and social security, in a way that guarantees workers their rights during periods of work and stages of service, leading to pension rights that give workers reassurance and encourage them to adhere to and continue in a positive relationship with employers.
On this basis, the labor market was in dire need to legislate the “Retirement and Social Security Law for Workers” with the aim of making jobs in the private sector acceptable to the labor force pressing on the public sector. It can be said that this law is a real beginning for an economy in which the labor market is regulated and led by the private sector, in addition to the financial revenues it will achieve for the retirement fund, as the state will contribute 8 percent for workers in the organized sector, and employers and workers will pay the remaining 25 percent of the salary from pension insurance. The monthly salary, while the state will pay 15 percent for unregulated voluntary work, and the applicant will pay 10 percent of the monthly salary.
Among the advantages of this law is that it will allow those who want a retirement salary and do not have a service in the private sector to purchase the service by paying the retirement contributions for the years that he determines as working years for retirement, in addition to providing health insurance and calculating the services of workers and employees in the private sector for the purposes of bonuses, promotion and retirement, and facilitating Transfer of workers between sectors (public, private, cooperative and mixed) while protecting the rights resulting from this transfer.
Based on the foregoing, this law will be a binding tool for registering private sector projects, including small and medium enterprises, in the general tax records, if government initiatives are integrated with it regarding providing banking facilities to small and medium enterprises, on the condition of tax accountability, as workers in unregistered projects will be a tool of pressure. Employers have to register their projects, and otherwise, workers who want social security will refuse to work in unregistered projects, and thus the entry of large numbers of small and medium projects into the general tax records and an end to tax evasion in this type of project, and from here some episodes can be integrated once completed one or more episodes.
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