Saudi Arabia’s General Organization for Social Insurance (Gosi) is set to implement ‘Saned,’ an unemployment insurance scheme from August 31, said a report.
The programme aims at promoting job security among employees by providing compensation to subscribers who lose their jobs in either the public or private sectors, said the Arab News report.
The system will be mandatory for all Saudi Arabian employees on a payroll above the age of 59, it said.
In order to be eligible for compensation, subscribers will have had to be registered under the system for at least 12 months, not left work voluntarily or be involved in private business activity, said the report.
The subscribers will have to pay one per cent of the monthly salary towards the scheme, with contributions not exceeding 10 per cent from them and 12 per cent from employers, it added.