Job Discussion Forums

caliph · Joined: 05 Jun 2006 Posts: 218 Location: Iceland

It's been 20 or so years since I got my first GOSI money returned, the part that I contributed. Now that the petro dollars are pouring in, anything about KSA paying out the other portion that our employers contributed?

The courts ruled that the KSA was obligated to do this, but never said when.

Maybe they're waiting for us to die or forget about it.

caliph · Joined: 05 Jun 2006 Posts: 218 Location: Iceland

I guess everyone here is too young to know what GOSI is.

Back in the 80s all expat employees were part of the Saudi national pension system GOSI: Gov't Social Insurance. Well in the days of $15 a barrel oil, the Saudis realized they wouldn't have enough money to honour the system, so they paid back all the employee contributions, which was 5% of salary, the company contributions were 6% of salary, and the gov't hasn't paid it. As mentioned before, the Sharia court ruled that it should be paid to be in compliance with "halal-ness".

Some real old timers retired before this happened and have been collecting a couple thousand US for years.

With the price of oil being what it is, I think it's time they pay out the rest of it.