GOSI insures 6 million clients

The General Organization for Social Insurance (GOSI) has insured 6 million clients including expatriates in 328,000 organizations until May this year. GOSI has served clients in retirement, illness, disability, death and divorce to the tune of SR 82 billion since its establishment in 1970. The social insurance organization, which owns SR 8 billion in properties in the cities of Riyadh, Madinah, Makkah, Yanbu and Jubail, pays more than SR 950 million monthly in pensions to 280,000 subscribers. GOSI makes long-term investments with the aim of ensuring resources to meet its commitments to those who are registered for its support. The organizations 2011 annual report disclosed 5.4 billion subscribers represent 96.9 percent of private sector employees working in 274,000 organizations and a 12 percent increase compared to 2010. At the close of 2011, GOSI spent SR 79 billion, including the distribution of SR 853 million monthly pension to 269,000 beneficiaries. More than 40.5 percent of their subscribers work in companies employing more than 500 workers and 21.5 percent work in companies with less than 20 workers. More than 67.8 percent of subscribers belonged in the 25 to 44 year age group. Their statistics note a considerable increase in the number of subscribers younger than 25 years old. More than 80 percent of subscribers were in the construction, trade and downstream industries. While 65.6 percent were primarily in the trade and construction field, the number of subscribers in that sector accounted for 64.6 percent of total beneficiaries. Only 23 percent of subscribers were from financing, insurance, real estate and business sectors. More than 75,800 subscribers sustained injuries at the work place, of which 4,357 were Saudis, accounting for 1.4 percent of the total injured in 2011. These subscribers received comprehensive medical care including diagnosis, treatment, surgery, rehabilitation, and medications. More than 86 percent of injured workers were rehabilitated. The majority of injuries reported were from the construction sector. GOSI owns 13 residential and business complexes and housing projects worth SR 2 billion. The company workforce is 100 percent Saudi. GOSI offers an integrated online service to subscribers and handles 39,000 operations daily. From : Arabnews