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Employee Benefits in Saudi Arabia

Employment

(Free Press Release) 27 December, 2014, Navi Mumbai, India: Marketreportsonsaudiarabia.com presents a new report on “Employee Benefits in Saudi Arabia” 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.

Employee Benefits in Saudi Arabia


      

Synopsis

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

- The regulatory framework and recent regulations of Saudi Arabian employee benefits

Summary

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; due to their transient nature, however, 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.

Scope

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 benefits, long-term disability benefits, workmen’s compensation, End of Service Benefits (ESB), medical benefits, unemployment, maternity and paternity benefits, housing construction 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 Saudi Arabian employee benefits

- Assess the Saudi Arabian 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 regulations governing Saudi Arabian employee benefits, and their impact on companies

Key Highlights

- The Saudi Arabian social security system covers both private and public sector employees, while voluntary coverage is provided to individuals who are not qualified for compulsory coverage, self-employed individuals and Saudi expatriates

- Household workers, agricultural workers, family labor, fishermen and foreign workers are excluded from compulsory cover. Both civil servants and military personnel are covered under the civil pension and military pension schemes respectively

- The Saudi Arabian private sector is undergoing numerous changes; with the implementation of the Nitaqat system, for example, the government is promoting the employment of Saudi nationals in the private sector
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Employee Benefits in Saudi Arabia

Source: Press Release

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