Karaki: The official exchange rate for social security subscriptions...

3^min

The Public Relations Directorate of the National Social Security Fund announced that “since the beginning of the economic crisis that hit the country in mid-2019, especially following the deterioration of the national currency against the dollar exchange rate, the benefits provided by the National Social Security Fund have been losing their real value, which has always been a safety net for insured individuals on both the health and social levels.”

The statement added, “In commitment to taking necessary measures to contain the crisis and to continue the corrective path adopted, the Director-General of the Fund, Dr. Mohamad Karki, submitted a letter to the Board of Directors dated 1/24/2024 , numbered 210, requesting the adoption of the highest official dollar exchange rate approved by the Central Bank of Lebanon in order to secure additional financial resources for the Fund to be directly utilized to improve social security benefits, especially healthcare benefits so that insured individuals do not bear the majority of their medical bills as is the case today.”

The Director pointed out in the statement that “based on the decision of the Board of Directors of the Fund No. 1270 taken at Session No. 1028 dated 1/25/2024, the Director-General issued an informational memorandum dated 1/2/ 2024, numbered 740, where by the exchange rate of the US dollar was determined for the calculation of subscriptions for insured individuals who receive their salaries wholly or partially in foreign currency according to the current highest official rate approved by the Central Bank of Lebanon (LBP 89,500 ) as of 1/2/2024, and all memorandums that conflict with the provisions of this memorandum will also be cancelled.”

It further stated: "This step is in line with the directives and decisions of all political and financial authorities in the country (Parliament, Cabinet, Central Bank) regarding the unification of the US dollar exchange rate in all transactions aimed at achieving a form of Solidarity and cooperation between employers and the social security system, which is in the interest of insured workers, improves their living standards, and safeguards their rights in the long term, in addition to its direct and immediate impact on the healthcare benefits provided by the Fund "