Lebanon Businessnews News

$83 million surplus
in NSSF's 2016 budget
Increase in subscribers,

decrease in pharmaceutical prices

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The National Social Security Fund (NSSF) achieved a surplus of $83 million in 2016, up 85 percent compared to 2015.

Revenues from the family compensation fund reached $303 million last year, increasing 3.6 compared to 2015. Expenditures on this department reached $240 million registering four percent increase compared to 2015.

Surplus in this fund reached $60 million, increasing 6.5 percent compared to the year 2015.

Revenues from the sick and maternity fund were $760 million last year, registering a 2.3 percent increase compared to 2015. This was due to the increase in number of subscribers.

Expenditures on this particular fund reached $716 million, dropping one percent compared to 2015. This was due to the price decrease in some pharmaceuticals.

This fund registered a $23 million surplus this year, whereby 2015 registered $3.3 million debts.

Adel Olleik, Member of the Board at NSSF representing the Government, said that the surplus in both funds will be used to cover part of the debt which was accumulated during the last ten years. Total debts in sick and maternity fund reached $800, and $200 million in the family compensations fund.

According to Olleik, the Government’s debts to NSSF are around $700 million.

Olleik said that the NSSF will fail to achieve such results in the coming years because the cost of hospitalization is increasing around five percent annually. Demand on medical services is also increasing and new technologies are entering the hospitals which are more expensive.
Reported by Rania Ghanem
Date Posted: Jan 24, 2017
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