Saudi Arabia’s Cabinet has recently given its approval for the implementation of an insurance product; with the aim of protecting 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.
Minister of Human Resources and Social Development Ahmed Al-Rajhi extended his thanks and appreciation to King Salman as well as Crown Prince Muhammad Bin Salman for their approval.
“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,” Al-Rajhi said.
Al-Rajhi also explained that this approval is an embodiment of the high interest the Kingdom pays to the private sector enterprises. Besides, enhancing its role as a major partner in developing the Saudi economy and providing more job opportunities.
The Cabinet also 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.
- Determining the value of the insurance policy, according to the insurance companies monitoring law.