Employee Benefits in Saudi Arabia

 

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2.9 Star Rating for report Employee Benefits in Saudi Arabia
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Pages: 54
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Abstract

 
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 benefit, 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; due to their transient nature, however, 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. 

Description

The report provides in-depth industry analysis, information and insights of the employee benefits in Saudi Arabia, including:
o Overview of the state and compulsory benefits in Saudi Arabia
o Detailed information about the private benefits in Saudi Arabia
o Insights on various central institutions responsible for the administration of the different branches of social security
o The regulatory framework and recent regulations of Saudi Arabian employee benefits

 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2014-10-28 

Report: Employee Benefits in Saudi Arabia

 

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 Saudi Arabia
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Employee and employer contributions
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.4 Workmen's Compensation
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.5 End of Service Benefits (ESB)
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.6 Medical Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Typical employer practice
6.6.5 Employee and employer contributions
6.7 Unemployment Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.8 Maternity and Paternity Benefits
6.9 Housing Construction
7 Private Benefits
7.1 Retirement Benefits
7.2 Medical Benefits
7.3 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-SAR
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer
 

List of Tables

Table 1: Definitions
Table 2: Saudi Arabia - Country Statistics
Table 3: Saudi Arabia - Retirement Age for Military Officers (Except Pilots)
Table 4: Saudi Arabia - Retirement Age for Pilots
Table 5: Saudi Arabia - Retirement Age for Non-Commissioned Officers
Table 6: Saudi Arabia Retirement Benefits - Social Insurance System Contribution Rates
Table 7: Saudi Arabia Retirement Benefits - Civil Pension Scheme Contribution Rates
Table 8: Saudi Arabia Retirement Benefits - Military Pension Scheme Contribution Rates
Table 9: Saudi Arabia Survivor Pension - Social Insurance System
Table 10: Saudi Arabia Survivor Pension - Civil Pension Scheme
Table 11: Saudi Arabia Workmen's Compensation - Social Insurance System Payment Options
Table 12: Saudi Arabia Workmen's Compensation - Social Insurance System Contribution Rates
Table 13: Saudi Arabia Workmen's Compensation - Civil Pension Scheme Contribution Rates
Table 14: Saudi Arabia Workmen's Compensation - Military Pension Scheme Contribution Rates
Table 15: Saudi Arabia ESB - Resigned Employees
Table 16: Saudi Arabia ESB - Dismissed Employees
Table 17: Saudi Arabia - Relationship Between Service Duration, Maternity and Annual Leave
 

List of Figures

Figure 1: Important Organizations of the Saudi Arabian Social Security System
Figure 2: Saudi Arabian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Saudi Arabian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Saudi Arabian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Saudi Arabian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Saudi Arabian GDP by Key Sector (%), 2008-2011
Figure 7: Saudi Arabian Inflation Rate (%), 2007-2013
Figure 8: Saudi Arabian Annual Average Exchange Rate US$-SAR, 2008-2012
Figure 9: Saudi Arabian Unemployment Rate (%), 2008-2012
Figure 10: Saudi Arabian Gross National Disposable Income (US$ Billion), 2008-2012
Figure 11: Saudi Arabian Total Population (Million), 2008-2012
Figure 12: Saudi Arabian Size of Labor Force (Million), 2008-2012
Figure 13: Saudi Arabian Urban and Rural Populations (%), 2008-2012
 

Scope

This report provides a detailed analysis of employee benefits in Saudi Arabia:
o It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
o It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, workmen's compensation, End of Service Benefits (ESB), medical benefits, unemployment, maternity and paternity benefits, housing construction and private benefits
o It highlights the economic and regulatory situations relating to employee benefits in Saudi Arabia

 

Highlights

o The Saudi Arabian social security system covers both private and public sector employees, while voluntary coverage is provided to individuals who are not qualified for compulsory coverage, self-employed individuals and Saudi expatriates
o Household workers, agricultural workers, family labor, fishermen and foreign workers are excluded from compulsory cover. Both civil servants and military personnel are covered under the civil pension and military pension schemes respectively
o The Saudi Arabian private sector is undergoing numerous changes; with the implementation of the Nitaqat system, for example, the government is promoting the employment of Saudi nationals in the private sector

 

Classification

Language Code: EN 
Region: Saudi Arabia 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 54 

Reasons to buy this report

o Make strategic decisions using in-depth information related to Saudi Arabian employee benefits
o Assess the Saudi Arabian employee benefits market, including state and compulsory benefits and private benefits
o Gain insights into the key employee benefit schemes offered by private employers in Saudi Arabia
o Gain insights into key regulations governing Saudi Arabian employee benefits, and their impact on companies
 

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Employee Benefits in Saudi Arabia

Report 00RV-EB0033MR has a rating of 57.6 percent
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Regional Information

Taxonomy

Branch ID: 1515

Taxonomy Location

The taxonomy on the left shows the ancestors of the Saudi Arabia node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Saudi Arabia

Saudi Arabia has an economy heavily dependent on the oil industry, possessing 18% of the world's proven petroleum reserves. The petroleum sector accounts for roughly 92% of budget revenues.

The countries main industries are crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair and construction.

The main trading partners are US, China and Japan.   

Researchandexperts.com is a  leading source of market research on Saudi Arabia.

Useful Links

Doing business in Saudi Arabia

Exports from Saudi Arabia

Saudi Arabia

Middle East

Region

 

Asia

Continent

Asia

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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