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Economic circles welcome the implementation of the Workers’ Retirement and Security Law
Economical 12/03/2023
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Baghdad: Hussein Thaghb Al-Tamimi
The implementation of the Workers’ Retirement and Security Law is widely welcomed by economic circles, for its role in localizing expertise in the private sector, alleviating pressure on the public sector and the large demand for jobs, due to the retirement guarantees that are available after completing legal service. It also contributes to achieving a balance in the demand for jobs. It reduces the burdens of the general federal budget.
The Minister of Labor and Social Affairs, Ahmed Al-Asadi, revealed the entry into force of the Workers’ Retirement and Security Law, coinciding with the start of Social Security Week, calling on all media outlets to adopt an education process regarding this law, which achieves a balance between employment in the public sector and in the private sector. He stressed that the minimum for Employment Guarantee Fund retirees will be 500 thousand dinars instead of 400 thousand dinars, and this is good news for this segment, at a time when we are working on a new increase in workers’ retirement to reach acceptable ceilings.
Economist Bassem Jamil Antoine described the Social Security Law as a qualitative leap towards balancing jobs and reducing pressure on the federal budget, the largest part of which goes to operational aspects.
He pointed out that this law will work to create new expertise that will serve the country in many economic sectors, as a result of competition and proof of existence, as the private sector is characterized by speed of implementation because there is no routine that complicates the work scene within the paths of this sector.
Antoine stated that the culture of employment in the public sector must change, and this requires changing the convictions of young people through the guarantees provided by the sectors, through laws, the most important of which is the Workers’ Retirement and Security Law, which is one of the most important steps towards employment in the private sector.
He stressed that the competition witnessed in working in the private sector will create local expertise at a global level, pointing out that the level of salary in the qualitative private sector is higher than the public sector, and this is another motivation for moving towards the private sector, especially when it is coupled with the presence of security after retirement age.
Economic affairs specialist Hisham Khaled Abbas said: The reality of performance in Iraq requires reconsideration of many of its aspects, and we must raise employee productivity to acceptable levels, especially since guarantees are available in the private sector, as integration between the public and private sectors can be achieved through Surveying the actual need in both and creating a specific mechanism that balances labor and availability according to the specialty of each. He pointed out the possibility of benefiting from public sector workers within private sector institutions and companies, according to specialization, and thus we have addressed the reality of disguised unemployment that government departments suffer from.
He pointed out that the Workers' Retirement and Security Law requires the efforts of the media, which must shed light on all its details and the benefits that the law will bring to the national economy, as it achieves many benefits, the most important of which is the localization of expertise within the private sector and the impact of this in building an effective economy.
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