The Legal Framework for Protecting the Funds of the Workers’ Pension and Social Security Fund

Abstract

The Workers’ Pension and Social Security Fund is considered one of the most important legal and economic instruments adopted by the state to achieve social protection and ensure living stability for workers after the end of their service or in cases of disability and old age. This necessitates the provision of a comprehensive legal framework to safeguard its funds against misappropriation, assault, or mismanagement. The significance of this fund stems from its role as a cornerstone in achieving social justice and in strengthening trust between citizens and the state by guaranteeing workers’ financial rights.

The research has concluded that protecting the funds of the Pension and Social Security Fund cannot be achieved solely through legal provisions; rather, it requires the activation of a comprehensive oversight system alongside updating legislation in line with economic and social developments, in the way which ensures the ability to confront contemporary challenges such as inflation, weak financial planning, and recession. The study has also revealed that the supervisory role undertaken by the Federal Board of Supreme Audit constitutes a fundamental pillar in safeguarding the fund’s assets. However, this role needs further strengthening and expansion to include evaluating investment efficiency and ensuring transparency in resource management, thereby achieving financial sustainability and enhancing the fund’s capacity to meet its obligations toward workers.