NSSF grants up to $740 million in 2010

Seminar on social security highlights challenges blocking fund's efficiency

June 28, 2011- The National Social Security Fund has 543,000 registered members and up to 1.2 million beneficiaries, Director General of the NSSF Muhammad Karaki said on Monday (June 27).

He was speaking during a seminar organized by the Center for Law Studies for the Arab World, CEDROMA (Centre d'étude des droits du monde arabe) of the Saint Joseph University on the situation of the National Social Security Fund.

Karaki made a demonstration on the challenges hampering the national social security. He said the total value of offerings in the three social security divisions (sickness and maternity, family allowances and end-of-service grants) reached L.L.1,110 billion ($740 million) in 2010, in addition to L.L.115 billion ($76 million) as an operational budget. The reserves amount was L.L.6,800 billion ($4.5 billion) at end 2010.

According to Karaki, the NSSF suffers a vacancy rate of 42 percent, as well as the absence of modern managerial structure and the high average age of employees (52).