The Governor of the General Organization for Social Insurance (GOSI), Soliman bin Saad Al-Humayyd has said in a statement that GOSI will increase the living allowance to 15% of the retirement pension as of 01/05/1433H. corresponding to 24/03/2012G. The Governor pointed out that the increased living allowance will be directly deposited in the bank accounts of beneficiaries along with the monthly pension which is paid in advance at the beginning of each Hijri month. He also said that the increased living allowance will be applied to all pensions received by the beneficiaries and family members of dead contributors from the Annuities Branch. The increased living allowance will also be applied to monthly benefits which are pensions paid by the Occupational Hazards Branch for any disability resulting from a work injury, the Governor added. "The increased living allowance is calculated on the basis of basic pension excluding any allowances that may be paid to the retiree such as the allowance for the need for assistance of others or the allowance for dependants, as they are not fixed nor part of the pension. The increased living allowance is calculated on the basis of the first SR 25,000 of the pension amount as a maximum," Al-Humayyd said, stressing GOSI's keenness on delivering the benefits to all beneficiaries on time. GOSI is currently paying SR 892 million as monthly pensions for 280,000 beneficiaries.
