BEIRUT: National Social Security Fund statistics showed rising unemployment among the Lebanese, the Fund’s director-general said Tuesday. Mohammad Karaki said only 20 percent of those asking for the end of service payments have reached retirement age while 63 percent who asked to settle their endowments have picked up their indemnity before hitting the retirement age. “Most of these people asked for the endowments because they either lost their jobs, got laid off, emigrated or wanted to collect the indemnity a bit early. This signals rising unemployment and some companies replacing Lebanese labor with foreign laborers,” Karaki said.
A version of this article appeared in the print edition of The Daily Star on November 14, 2012, on page 5.