Around 300,000 benefited from NSSF services

Expectations to register financial surplus in 2014

About 293,000 subscribers benefited from the National Social Security Fund (NSSF) medical services, in 2013. The number of subscribers registered in the illness and maternity department reached 554,000, according to the latest NSSF statistics.

NSSF showed that the family compensation department offered regular financial payment for about 190,400 women and 447,100 children. The number of subscribers registered in this department reached 455,700.

The number of employees included in the end-of-service indemnity department reached 432,650. It is divided as: 401,000 employees and 31,500 taxi drivers.

Expectations show that the total income for the illness and maternity department will reach $715 million, in 2014. Total expenditures are expected to reach $693 million including the interests of the amounts borrowed from the end-of-service indemnity fund. The illness and maternity branch is expected to record $22 million in financial surplus. Ghazi Yehya, Vice-President of the NSSF Board, said that the surplus is due to the recent increase in the subscription ceiling for companies. In 2014, the new circular allowing installments of arrears will encourage companies to declare more employees. Companies will also have to pay a five percent down payment on these arrears.
The family compensation department’s total income is expected to reach $286 million, while total expenditures may reach $233 million, including the interests of the amounts borrowed from the indemnity department, which is expected to register $53 million in surplus.

The total income of the end-of-service department reached $565 million, in 2013 and total expenditures reached $275 million. This department is expected register surplus of about $290 million, in 2014. The end-of-service fund has a four-billion dollar investment in T-Bills, which results in additional revenue.