Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Key social insurance program within six months: GOSI chief  Join our daily free Newsletter

MENAFN - Arab News - 13/01/2014
No. of Ratings : 0
Add to Mixx!



(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

 


Arab News




  MENA News Headlines
 Sep 19 2014 - Travels triumph in Kanoo cricketArab News
(MENAFN - Arab News) RIYADH: Travels Division scored a comfortable 30-run win over Kanoo Freight to emerge champions in the Kanoo Inter-Division cricket tournament held here recently.Put into bat by ...

 Sep 19 2014 - Scots vote to stay in the United KingdomArab News
(MENAFN - Arab News) EDINBURGH: Scotland spurned independence in a historic referendum that threatened to rip the United Kingdom apart sow financial turmoil and diminish Britain's remaining global ...

 Sep 19 2014 - Tropical storm flooding shuts down Philippine capitalArab News
(MENAFN - Arab News) MANILA: Heavy rains brought by the outer bands of Tropical Storm Fung-Wong shut down the Philippine capital Manila on Friday stranding motorists and forcing tens of thousands to ...

 Sep 19 2014 - Modi: Indian Muslims will live for India die for IndiaArab News
(MENAFN - Arab News) NEW DELHI: India's new prime minister has dismissed Al-Qaeda's plan to set up a South Asia branch saying it was 'delusional' to think the country's Muslim minority would follow ...

 Sep 19 2014 - British business welcomes Scotland staying in UKArab News
(MENAFN - Arab News) LONDON: Britain's business community breathed a sigh of relief on Friday after Scotland voted by a clear margin to remain in the United Kingdom.Markets had fretted that ...

 Sep 19 2014 - French criminal arranges own funeral to escape justiceArab News
(MENAFN - Arab News) PARIS: A French criminal came up with a cunning plan to escape the long arm of the law by announcing his own funeral which both the police and his unsuspecting granny ...

 Sep 19 2014 - Zambia president: 'I am not dead'Arab News
(MENAFN - Arab News) LUSAKA : Zambia's elusive President Michael Sata made a rare public appearance Friday opening a new session of parliament and declaring 'I am not dead.'The 77-year-old leader who ...

 Sep 19 2014 - Ellison gives up Oracle CEO role becomes chairmanArab News
(MENAFN - Arab News) Oracle announced that its flamboyant hard-charging chief executive Larry Ellison will step down after nearly 40 years running the company he co-founded in 1977.The 70-year-old ...

 Sep 19 2014 - Pakistani National Assembly Speaker to Visit Bahrain SaturdayQatar News Agency
(MENAFN - Qatar News Agency) Manama September 19 (QNA) - Pakistan National Assembly Speaker Sardar Ayaz Sadiq will begin on Saturday a two-day visit to the Kingdom of Bahrain . The Pakistani official ...

 Sep 19 2014 - 266500 Gazans Kidnapped by Israeli Army Since 1967Qatar News Agency
(MENAFN - Qatar News Agency) Gaza September 19 (QNA) - Head of the Census Department at the Palestinian Committee of Detainees Abdul-Naser Ferwana stated that Israeli soldiers have kidnapped 266200 ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help