The Kingdom of Saudi Arabia has approved and disclosed the use of an insurance product which protects the rights and benefits of non-Saudi workers in the private sector.
Minister of Human Resources and Social Development, Ahmed Al-Rajhi, who stated that the state will also be responsible for the cost of applying the insurance product, extended his thanks and appreciation to Custodian of the two holy Mosques King Salman and Crown Prince Muhammad Bin Salman for their approval.
Al-Rajhi said, “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 further explained that the product’s approval was 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 Saudi Arabia Cabinet has 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 help with the implementation.
The committee have been tasked with classifying the non-Saudi workers in private sector enterprises targeted in applying the insurance product and setting the necessary controls and mechanisms to implement the insurance product.
The committee will also determine the value of the insurance policy, according to the insurance companies monitoring law.
