By Saleh Al-Zahrani
JEDDAH – The General Organization for Social Insurance (GOSI) will raise the cost of living allowance to 15 percent of the pension of retirees as of the 1st of Jumad Al-Awwal, 1433H (March 24, 2012).
This was disclosed by Sulaiman Bin Saad Al-Humaid, Governor of GOSI, who added that the increased allowance will be deposited in the bank accounts of beneficiaries along with the monthly pension, as GOSI disburses pensions in advance at the beginning of every Hijri month.
He said the allowance increase covers all pensions paid from the Pensions Branch to beneficiaries and family members of deceased pensioners. It also covers the monthly pensions paid from the Occupational Hazards Branch due to a disability caused by a work injury. The raise will be calculated on the principal amount of the pension and it will not cover other allowances that might be paid to the pensioner, like assistance for dependents. These allowances are considered to be additional to the pension and are not part of it as they are not constant but vary.
Al-Humaid confirmed the keenness of GOSI to hand over the insurance entitlements to beneficiaries at the appointed time pointing out that the monthly pensions paid by GOSI exceed SR892 million per month from which 280,000 Saudi nationals benefit.