The Benchmark for Social Insurance

Saudi Arabia Insurance Benchmark

An exceedingly growing number of Saudi workers is making social insurance in Saudi Arabia an indispensable necessity. In order to maintain Saudization, eliminate unemployment and encourage nationals to participate in the workforce, the Kingdom has created a tempting work environment, with well-paying jobs and social insurance policies that have set a high bar in the GCC and MENA regions. 

The General Organization for Social Insurance (GOSI) carries out social insurance in the Kingdom. The organization was launched upon royal orders issued to protect workers and collect contributions. In time, GOSI developed several programs to ensure the high standards of its nationwide performance. It continued to insure expats, nationals and GCC citizens working in the Kingdom. It has notably branched into an occupational hazards branch and an annuities branch, the latter being exclusive to Saudi nationals only. 

GOSI has set unprecedented achievements in the field of social insurance in the GCC and MENA regions, most notably digitalizing much of its processes and maintaining an efficient level of organization and order. The digital services GOSI offers include a database with regularly-updated reports, numbers and statistics on the work of the organization, the workforce and the employers. The regular information sharing maintains transparency and verifies the organization’s efforts in protecting workers across the Kingdom. 

In order to facilitate user experiences, GOSI has also created a list of categories based on user types; from retired workers to inheritors, all have specific links to find information on their cases, what paperwork they need and how long the process should take. This kind of access to information has saved time and effort for all parties, and that is the same reason GOSI launched an E-Service channel in 2005. GOSI Online is an internet channel on which users perform transactions and add beneficiaries without visiting a GOSI office. The organization also offers a system-to-system integration feature for big companies to conduct large transactions directly with GOSI. 

The General Organization for Social Insurance has continued to elevate its level of service, reaching high satisfaction rates in the last quarter of 2019. Saudi Arabia currently surpasses all GCC countries with its social insurance programs; which include SANED and WPS (Wage Protection System). The latter is a system which enforces regular updates on employers regarding wage payments for all workers in the private sector. The system protects the right of an employee to get paid, or get employed at other organizations if their current employer was not rolling out salaries on time. In Saudi Arabia, it is common for all companies to pay employees on the 27th of each month, and are legally obligated to meet that date, or any other specified date. Missing a payment deadline will subject employers to consequences enforced by the WPS, which include fines and potential suspension of services in cases of severe incompliance. 

Along with the Kingdom’s policies for protection of workers, GOSI’s digital presence has made insurance procedures much easier; 60% of all GOSI site visitors consider the website to be ‘good’ to ‘very good.’ The organization prides itself with a 4-star overall customer satisfaction rating, and vows to improve along with the criteria of the Saudivision.