The Kingdom of Saudi Arabia has an extensive social security system, which aims to provide every citizen with a decent standard of living in line with Islamic principles. Its small population and high gross domestic product (GDP) allow the Kingdom to provide employed and self-employed residents with help, such as medical care, childcare, pensions, and unemployment benefit, as well as, in some cases, housing and disability benefits. Saudi Arabia had previously experimented with its social security system by bringing in foreign workers as the country’s working population mainly consists of expatriates. However, due to their transient nature, the plan was later shelved. The Ministry of Labor provides general supervision, while the General Organization for Social Insurance (GOSI) administers various social welfare programs through district offices.
The report provides in-depth industry analysis, information and insights of the employee benefits in Saudi Arabia, including: overview of the state and compulsory benefits in Saudi Arabia, detailed information about the private benefits in Saudi Arabia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Saudi Arabia.
- The General Organization for Social Insurance (GOSI) is responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In Saudi Arabia, employers provide voluntary retirement benefits to their employees through corporate pension plans.
This report provides a detailed analysis of employee benefits in Saudi Arabia -
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, unemployment, End of Services benefits, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Saudi Arabia
Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Saudi Arabia.
- Assess Saudi Arabia’s employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Saudi Arabia.
- Gain insights into key organizations governing Saudi Arabia’s employee benefits, and their impact on companies.