Latest news with #GOSI
Arabian Business
a day ago
- Business
- Arabian Business
Saudi Arabia's new Social Insurance Law takes effect from today
Saudi Arabia's new Social Insurance Law, issued last year on July 2 by a Royal Decree, came into force this Tuesday. The General Organisation for Social Insurance (GOSI) stated that the law applies exclusively to new civil employees joining the public and private sectors, who do not have any prior contribution periods in the current Civil Pension Law or Social Insurance Law. #التأمينات_الاجتماعية تعلن بدء تطبيق أحكام نظام التأمينات الاجتماعية المعلن عنها سابقاً اعتباراً من يوم غدِ الثلاثاء 1 يوليو 2025م. 📎| — التأمينات الاجتماعية (@SaudiGOSI) June 30, 2025 New Social Insurance Law takes effect The amended law stipulates a gradual increase in retirement age. There will be no change in the current GOSI subscriber benefits. The organisation stated that the statutory retirement age for individuals affected by the amendments will range between 58 and 65 years. The law will expand the scope of insurance coverage to include more categories and will achieve flexibility in job transfers between the public and private sectors without affecting subscribers' insurance rights by unifying insurance provisions under a single law. The new regulations, to be applied to new subscribers to the Social Insurance System, include a gradual increase in the pension branch subscription rates by 0.5 per cent annually, starting from the second year of the system's validity until the fifth year. The cumulative increase will be 2 per cent, which means the subscription rate becomes 11 per cent instead of 9 per cent for the subscriber and the employer. To preserve the rights of employees, the law stressed the need for employers to commit to paying subscriptions on their specified dates. The maternity benefit also come into effect from Tuesday, July 1. Female subscribers, whether Saudi or non-Saudi, are entitled to maternity compensation for three months upon giving birth. The GOSI has urged all customers, both subscribers and employers, to review all the details related to these provisions through the awareness platform on the organisation's website or on the GOSI app.
Zawya
2 days ago
- Business
- Zawya
Saudi: New Social Insurance Law will come into force on July 1
RIYADH — The General Organization for Social Insurance (GOSI) announced that the provisions of the new Social Insurance Law issued by a Royal Decree on July 2, 2024, will come into force on Tuesday, July 1. The GOSI noted that this law is applicable exclusively to new civil employees, joining the public and private sectors, who do not have any prior contribution periods in the current Civil Pension Law or Social Insurance Law. The amended law stipulates gradual increase in retirement age while there will be no change in the benefits for the current subscribers of GOSI. The organization stated that the statutory retirement age for individuals affected by the amendments will range between 58 and 65 Gregorian years. The organization stated that this law will contribute to expanding the scope of insurance coverage to include more categories and will achieve flexibility in job transfers between the public and private sectors without affecting subscribers' insurance rights, by unifying insurance provisions under the umbrella of a single law. The new regulations, which will be applied to new subscribers to the Social Insurance System, include a gradual increase in the pension branch subscription rates, starting from the second year of the system's validity until the fifth year, by 0.5 percent annually, so that the cumulative increase reaches 2 percent. Hence the subscription rate becomes 11 percent instead of 9 percent for the subscriber and the employer. The law stressed the need for employers to commit to paying subscriptions on their specified dates, in order to preserve the rights of employees subject to the system. The maternity benefit will also be implemented starting Tuesday, July 1. Under this benefit, the GOSI grants female subscribers, whether Saudi or non-Saudi, maternity compensation for three months upon giving birth. The GOSI urged all its customers, both subscribers and employers, to review all the details related to these provisions through the awareness platform on the organization's website or via the GOSI app. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
New Social Insurance Law comes into force on Tuesday
Saudi Gazette report RIYADH — The provisions of the new Social Insurance Law, issued by a Royal Decree on July 2, 2024, came into force on Tuesday, July 1. The General Organization for Social Insurance (GOSI) announced this, while noting that this law is applicable exclusively to new civil employees, joining the public and private sectors, who do not have any prior contribution periods in the current Civil Pension Law or Social Insurance Law. The amended law stipulates gradual increase in retirement age while there will be no change in the benefits for the current subscribers of GOSI. The organization stated that the statutory retirement age for individuals affected by the amendments will range between 58 and 65 Gregorian years. The organization stated that this law will contribute to expanding the scope of insurance coverage to include more categories and will achieve flexibility in job transfers between the public and private sectors without affecting subscribers' insurance rights, by unifying insurance provisions under the umbrella of a single law. The new regulations, which will be applied to new subscribers to the Social Insurance System, include a gradual increase in the pension branch subscription rates, starting from the second year of the system's validity until the fifth year, by 0.5 percent annually, so that the cumulative increase reaches 2 percent. Hence the subscription rate becomes 11 percent instead of 9 percent for the subscriber and the employer. The law stressed the need for employers to commit to paying subscriptions on their specified dates, in order to preserve the rights of employees subject to the system. The maternity benefit will also be implemented starting Tuesday, July 1. Under this benefit, the GOSI grants female subscribers, whether Saudi or non-Saudi, maternity compensation for three months upon giving birth. The GOSI urged all its customers, both subscribers and employers, to review all the details related to these provisions through the awareness platform on the organization's website or via the GOSI app.
Saudi Gazette
6 days ago
- Business
- Saudi Gazette
Saudi Arabia to implement social insurance for athletes and coaches starting July 1
Saudi Gazette report RIYADH — The Ministry of Sports and the General Organization for Social Insurance (GOSI) announced on Thursday the official rollout of social insurance coverage for Saudi players and coaches, effective Tuesday, July 1. The initiative extends pension and unemployment protection under Saudi Arabia's Social Insurance Law to Saudi nationals who are full-time athletes and coaches, whether working with clubs inside or outside the Kingdom. The regulation applies to all athletes and coaches employed by sports clubs and federations. The policy covers both the pension and unemployment insurance branches of the system and includes provisions for retroactive application of pension coverage, subject to approval by the relevant GOSI authority and financial penalties for delayed registration. The move is aimed at enhancing long-term social security for Saudi sports professionals, including retirement benefits and support in cases of job Ministry of Sports and GOSI have held several workshops to educate clubs and federations on registration procedures and the system's benefits.
Zawya
08-05-2025
- Business
- Zawya
Saudi market cap surges 463% to $2.7trln, now largest in region
The market capitalisation of Saudi Stock Exchange (Tadawul) has surged by 463% over the last ten years to reach $2.7 trillion at the end of 2024, making it the largest equity market in the Middle East, according to S&P. The significant growth has been driven by the kingdom's drive to boost market liquidity by getting local companies listed, with the 91 initial public offerings (IPOs) between 2014 and 2024 raising an aggregate of around $65 billion. With the flurry of listings, the number of issuers on Tadawul's main market jumped to 247 in 2024 from 169 in 2014. The main bourse has logged the highest trading volumes in the GCC region, and it is now ranked as one of the largest exchanges among emerging markets in terms of market capitalisation, the ratings agency said. It is also the largest emerging equity market outside Asia. However, despite witnessing robust growth over the last ten years, the ratings agency said the Saudi market remains relatively modest compared to other global indices in major markets. It noted that government-related entities (GREs), such as the sovereign wealth fund, the Public Investment Fund, and public pension fund GOSI account for the bulk (nearly 64%) of Tadawul's total capitalisation as of April 17, 2025. Since these entities are typically not frequent traders, Tadawul's trading volume tends to be smaller when compared to other major markets outside the region. 'As of year-end 2024, about 67% of the exchange's market capitalisation came from Aramco's $1.8 trillion value, while the seven largest issuers represented more than 80%. Of these seven issuers, other than Al Rajhi, all are GREs,' S&P said. And while numerous privately owned companies have launched IPOs, public-sector entities still represent the bulk of new listings, generating around $44 billion of the estimated $65 billion of aggregate IPO value over the last ten years. The ratings agency, however, noted that with Saudi Arabia's initiatives like the pension and investment law reforms, the kingdom could attract more foreign investors and advance its equity markets. 'As the Saudi Arabian government rolls out its Vision 2030 program and international investors enter the market, we anticipate a rise in trading activity,' S&P said. 'This should bode well for Tadawul and the country as a more liquid equity market allows shareholders to monetise their holdings, and raise liquidity.' (Writing by Cleofe Maceda; editing by Seban Scaria)
