Social Security and Lira Collapse Impact

The article discusses the end-of-service benefits in Lebanon, which have come back into focus following the worsening crisis caused by the collapse of the Lebanese pound's value. This has led to significant losses in workers' compensation amounts. The board of the National Social Security Fund is seeking to restore these benefits and amend their system, focusing on financial correction and establishing mechanisms to compensate those whose benefits have lost part of their value due to the economic collapse. The issue faces substantial financial challenges requiring funding estimated between $750 million and $1 billion. Discussions are ongoing regarding how to share the financial burden between the state and employers, alongside questions about the parties' capacity to finance this either as a lump sum or through installment payments. Stakeholders aim to pass new laws that support Lebanon's transition toward a retirement and social protection system. However, financial and logistical complexities, as well as tensions between workers' rights and employers' obligations, remain major obstacles to making decisive progress on this issue. The situation threatens to further exacerbate the suffering of workers, who have already borne the brunt of the financial crisis through reduced salaries and diminished benefits.

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