Saudi Arabia Statutory and Private Employee Benefits, 2023 Update

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Saudi Arabia Statutory and Private Employee Benefits Overview

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 benefits, 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 Saudi Arabia employee benefits report provides in-depth industry analysis, information, and insights into employee benefits, an overview of the state and compulsory benefits, detailed information about the private benefits, 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.

Key Regulations ·       The Social Insurance Law implemented in 2001

·       The Workers’ compensation laws, enacted to protect injured workers, in 1969

·       The Saudi Arabian Labor Law, implemented in 1969

Key State and Compulsory Benefits ·       Retirement Benefits

·       Death in Service

·       Long-Term Disability Benefits

·       Short-Term Sickness Benefits

·       Medical Benefits

·       Workers’ Compensation Insurance

·       Maternity and Paternity Benefits

·       Other Benefits

Key Private Benefits ·       Retirement Benefits

·       Death Benefits

·       Medical Benefits

·       Disability Benefits

·       Accidental Death and Dismemberment Benefits

·       Other Benefits

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Employee Benefits Regulations in Saudi Arabia

The chief laws that govern employee benefits offered in Saudi Arabia are:

  • The Social Insurance Law implemented in 2001
  • The Workers’ compensation laws, enacted to protect injured workers, in 1969
  • The Saudi Arabian Labor Law, implemented in 1969

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Saudi Arabia Employee Benefits Segmentation by State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Saudi Arabia are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.

Retirement Benefits: The Saudi Arabian retirement benefit (old-age pension) is regulated by the Social Insurance Law, which was implemented in 2001. It is a part of the social insurance system, and the general supervision is carried out by the Ministry of Human Resources and Social Development and the GOSI administers the program through district offices. The pension system administered by Saudi Arabia’s Public Pension Agency (PPA) covers Saudi civil servants and military personnel. While, the GOSI administers the pension system for Saudi and certain non-Saudi workers in the private sector and specific areas of the public sector.

State and Compulsory Benefits in Saudi Arabia

State and Compulsory Benefits in Saudi Arabia

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Saudi Arabia Employee Benefits Segmentation by Private Benefits

The key private benefits offered by employers in Saudi Arabia are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Medical Benefits: Effective January 1, 2019, all private employers operating in Saudi Arabia must have a mandatory cooperative health insurance policy for employees and their family members under the Cooperative Health Insurance Council (CCHI). Employers are also mandated to provide health insurance to expatriate workers. Therefore, the prevalence of additional employer-sponsored voluntary private health insurance plans is low in the country. Self-employed expats must obtain their own private health insurance. They must select a plan that meets their specific requirements.

Private Employee Benefits in Saudi Arabia

Private Employee Benefits in Saudi Arabia

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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, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment benefits, long-term care benefits, leaves and holidays, 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 the country.
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in the country.
  • Gain insights into key organizations governing the employee benefits market, and their impact on companies.

Table of Contents

  • 1. Executive Summary
  • 2. Introduction
  • 2.1 What is this Report about?
  • 2.2 Definitions
  • 3. Country Statistics
  • 4. Overview of Employee Benefits in Sausdi Arabia
  • 5. Regulations
  • 6. State and Compulsory Benefits
  • 6.1 Retirement Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.2 Death in Service
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.3 Long-Term Disability Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.4 Short-Term Sickness Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.5 Medical Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.6 Workers’ Compensation Insurance
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.7 Maternity and Paternity Benefits
  • – Introduction
  • – Eligibility
  • – Benefits
  • – Payment options
  • – Contribution

  • 6.8 Other Benefits
  • – Unemployment Benefits
  • – Leaves and Holidays

  • 7. Private Benefits
  • 7.1 Retirement Benefits
  • 7.2 Death Benefits
  • 7.3 Medical Benefits
  • 7.4 Disability Benefits
  • 7.5 Accidental Death and Dismemberment Benefits
  • 7.6 Other Benefits
  • 8. About GlobalData
  • 9. Contact Us

Table

Table 1: Insurance Industry Definitions

Table 2: Saudi Arabia – Country Statistics, 2022

Table 3: Saudi Arabia – CCHI Schedule of Benefit

Table 4: Saudi Arabia – Retirement Benefits, Social Insurance System Contribution Rates

Table 5: Saudi Arabia – Retirement Benefits, Civil Pension Scheme Contribution Rates

Table 6: Saudi Arabia – Retirement Benefits, Military Pension Scheme Contribution Rates

Table 7: Saudi Arabia – CCHI Schedule of Benefit

Table 8: Saudi Arabia – Workers’ Compensation Payment Options

Table 9: Saudi Arabia – Workers’ Compensation, Social Insurance System Contribution Rates

Table 10: Saudi Arabia – Fixed National and Public Holidays 2023

Figures

List of Figures

Figure 1: Saudi Arabia – Main Institutions of Social Security System

Frequently asked questions

Saudi Arabia Statutory and Private Employee Benefits, 2023 Update standard reports
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