Saudi Arabia has given its approval for the implementation of an insurance product to protect the rights and benefits of non-Saudi workers in the private sector. The decision includes that the state will bear the costs of applying the insurance product.
“The product targets non-Saudi workers in private sector facilities in the Kingdom, which will contribute to preserving workers’ rights if they are stalled and reduces the risk of any negative effects if companies collapse,” Minister of Human Resources and Social Development Ahmed Al-Rajhi said.
The product’s approval is an embodiment of the high interest the Kingdom pays to the private sector enterprises and to enhance its role as a major partner in developing the Saudi economy and providing more job opportunities.
The Cabinet has approved the formation of a committee comprising representatives from the Ministry of Human Resources and Social Development, the Ministry of Finance, and the Saudi Arabian Monetary Agency (SAMA) to undertake the following:
— Classifying the non-Saudi workers in private sector enterprises targeted in applying the insurance product.
— Setting the necessary controls and mechanisms to implement the insurance product.
— Determine the value of the insurance policy, according to the insurance companies monitoring law.