Jul 15 2011
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GOSI distributes SR7.9bn to beneficiaries in 2010
RIYADH: The General Organization of Social Insurance (GOSI) distributed SR7.9 billion to beneficiaries last year, a report said on Thursday.
"While 96.6 percent of the 4.7 million GOSI subscribers in 2010 were expatriate workers, the number of Saudis stood at 852,039. There was a 9.1 percent rise in the amount of payments last year compared to 2009," GOSI 's recently released annual report said.
The report showed that GOSI investments did not show any increase in 2010. It remained at SR46 billion, distributed in stocks of banks, telecom companies, cement manufacturing, and hospitals as shown in the 2009 report.
GOSI has also invested hugely in the real estate sectors. It owns 13 buildings including residential and commercial complexes and other projects worth SR2 billion. It is involved in the construction of many buildings at strategic locations in major cities.
" GOSI distributed SR658 million to 253,000 beneficiaries as monthly pensions, including a 5 percent increase to offset the high cost of living," the report said.
The Eastern Province received the highest amount of beneficiary payments, SR2 billion in total. The payment accounted for 28.1 percent of the total amount distributed in the Kingdom.
The province has the highest number of large companies with higher wage levels and subscribers, the report said.
The report also noted that 41.9 percent of subscribers were in companies with more than 500 workers, while 21.6 percent were working in firms with less than 20 employees.
While all age groups received GOSI benefits, 68.5 percent of subscribers were aged between 25 and 44. However, last year there was a notable growth in the number of subscribers aged between 55 and 64.
Men accounted for 96.6 percent of total subscribers, a growth of 8.9 percent compared to 2009, while the growth rate of women subscribers was 14.9 percent.
The male to female ratio of subscribers was 28:1. In the public sector one in every seven subscribers was a woman, while in the private sector the ratio stood at 32:1.
While 4,641 Saudi subscribers were compensated for accidents at work, the number of expatriate workers who received compensation was 70,846.
GOSI was established to implement the provisions of the Social Insurance Law and follow up the process of ensuring compulsory insurance coverage, collecting contributions from employers and paying benefits for eligible contributors or their family members.
GOSI is a semi-state body that enjoys administrative and financial independence. It also provides the contributors and their families with a decent life after leaving work due to retirement, disability or death, medical care for contributors afflicted with work injuries or occupational diseases, and necessary compensation to workers in the event of disability or death while on the job.
© Arab News 2011
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