(MENAFN - Arab News) Sanid, one of the government's many schemes to boost job security in the private sector, which employs more than 1.5 million people, will be effective in six months from now, Abdul Rahman Al-Quwaiz, governor of the General Organization of Social Insurance (GOSI), told a press conference in his office on Sunday.
"It adds to the social safety net, such as the annuities, disability benefits, non-job-related disability benefits, and insurance against professional hazards," said Al-Quwaiz while talking about insurance against unemployment.
Sanid, meaning support in Arabic, was approved by the Council of Ministers on Jan. 6.
Al-Quwaiz said that the scheme covers social protection for Saudi workers who are subscribers in the annuities part of social insurance, within the public and private sectors. The scheme will provide monthly income in the period during which a person leaves a job till the next job he or she gets.
He added that it will be mandatory, and will be extended to all Saudi workers and employees, regardless of their gender. There is one condition, though. The employee must be younger than 59 when the scheme begins; and he should have spent no less than 12 months in GOSI system. Also, he will not be eligible if he leaves a job of his own accord, and he cannot have a separate income from a private business.
The GOSI governor said the amount of subscription will be two percent of the wage, paid equally by the employer and the employee.
He explained that the money to be given to the worker per SANID scheme will be 60 percent of the average monthly wages of the last 24 months, for a maximum of SR 9,000 for each of the first three months of unemployment.
After that, the worker can get 50 percent of the average wage, for a maximum of SR 7,500. The minimum amount to be paid is SR 2,000.
"You can keep getting the benefits for a maximum of 12 months," he said.