"The organization has invested SR900 million in two
new industries last year," the report said. Last year GOSI distributed SR7.3
billion among its beneficiaries. The amount is 16 percent more than that of the
previous year. Total benefits distributed by the organization amounted to
SR61.3 billion.
The number of GOSI subscribers rose by 8.9 percent in
2009. They include 577,600 from the public sector and 12.5 million from the
private sector, bringing the total to more than 13 million by the end of 2009,
including 4.39 million who are currently in employment and 790,000 Saudis.
"More than 240,000 people are presently receiving
GOSI pensions valued at SR621 million a month," the report said. GOSI
distributed more than SR56 billion on pension until last year, it said, adding
that two million people benefited from these pensions.
"Last year alone the organization gave SR7 billion
to 243,000 beneficiaries, registering a 16.1 percent increase compared to the
previous year. GOSI's occupational hazard section has given SR4.7 billion to
employers who suffered injuries or were involved in accidents while working
since it was introduced in 1982. More than 1.6 million benefited from this
service.
"In this category we spent more than SR400 million
last year and about 38.2 percent of the amount went for medical care," the
report said.
GOSI is considered one of the largest investors in the
Saudi capital market; it invests in stocks of banks, industries, telecom
companies and cement factories. It currently owns 12 buildings including
commercial centers and residential apartments, involving a total investment of
SR2 billion, the report said. It has embarked on two new projects in Riyadh
worth SR2.39 billion.
As many as 218,000 companies and institutions are
currently members of GOSI with Riyadh hosting the largest number or 18.5
percent of its clients, followed by the Eastern Province (13 percent), Makkah
province (9.5 percent), and Qassim (9.1 percent). Trade is the main activity
(34.3 percent) of the majority of companies, followed by construction (32.3
percent), downstream industries (14.6 percent) and services (nine percent).
GOSI was established to implement the provisions of the
Social Insurance Law and follow-up the process of achieving the compulsory
insurance coverage, collecting contributions from employers and paying benefits
for the 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 in the event of occupational disability or
death.
