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Saudi- GOSI approves 15% raise in pension payments  Join our daily free Newsletter

MENAFN - Arab News - 21/03/2012

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(MENAFN - Arab News) The General Organization for Social Insurance (GOSI) has approved an increase of 15 percent in the monthly allowance of pensioners effective from March 24 (Jamad Al-Awwal 1).

GOSI Gov. Suleiman Al-Homaid said the increase, which was made in line with inflation, would be directly deposited in the beneficiaries' bank accounts after it was added to their monthly allowance at the beginning of every Hijri month.

"The increase covers all types of allowances given to pensioners as well as the beneficiaries of family pension. Beneficiaries who are incapacitated or sustained injuries following workplace accidents are also entitled to the raise," he said, adding that the increase would be calculated on the basis of their basic allowance.

Al-Homaid said the increase would be given to those beneficiaries whose allowance does not exceed SR25,000. "The volume of monthly allowances being distributed by GOSI at present reached more than SR892 million. There are more than 280,000 people benefiting from the scheme," he said. The organization deposits the allowance in beneficiaries' bank accounts through an express transfer system.

Meanwhile, Naila Al-Attar, deputy chairman of the consultative committee at the Jeddah Chamber of Commerce and Industry, stressed the need for protecting the interests of people with special needs.

"A law must be enacted to ensure these people should continue benefiting from the security allowance even after they find jobs in the private sector. This will help them meet the high cost of living and other financial requirements," she said, noting many of these people abandon jobs in private firms and companies because of the low wages and fear of losing social security benefits.

Al-Attar also underscored the significance of spreading the culture of taking care of disabled people as a social responsibility for all members of society.

 






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