Abstract
The current initial study comes to explore the current status and the future trend of the Employees’ Provident Fund (EPF) among Jordanian public universities. Based on the responses of 167 employees from two public universities, the results show a weak investment policy in EPF and a general unsatisfactory attitude towards the current status of EPF investments. Uncertainty in the future of EPF and the scarcity of financial resources are the main barriers of investing in EPF. Employees stress numerous future corrective actions to enhance the role of EPF in serving the members. Results also show that the monthly salary is the key factor that affects the perception of employees towards the current status of EPF investments, barriers of investments in EPF, and the future corrective actions of EPF. As a rare study in EPF in universities, it offers valuable recommendations to policy-makers to develop the different perspectives of EPF.
Highlights
The main objective of Employees’ Provident Fund (EPF) is to offer some social protection to employees by transferring regular monthly contribution to their EPF accounts (e.g. Dixon, 1982; Dixon, 1993; Zin 2012) taken from employees and employers
26.9% wish to get a lump sum payment upon retirement. This result is consistent with the argument of Dixon (1993), who sees that the lump-sum payments are one of the challenges that may affect the ability of EPF to meet the future obligations
Evaluation of the Current Status of EPF Investments One of the objectives of the current study is to investigate the perception of Jordanian universities employees towards the current status of EPF investments
Summary
The main objective of EPF is to offer some social protection to employees by transferring regular monthly contribution to their EPF accounts (e.g. Dixon, 1982; Dixon, 1993; Zin 2012) taken from employees and employers. 328) as a compulsory saving program “covered employees and their employers pay regular contributions to a central, publicly-supervised fund where they are credited to a separate account maintained for each employee”. In case of Jordan the EPF is additional social security system, worked on the level of the organizations and can be withdrawn before the stage of retirements. The public universities in Jordan have EPF, while the private universities have not. It is not a compulsory system at the level of country in Jordan. This is because Jordan has a social security system applied
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