His Excellency the Minister of Human Resources and Social Development, Eng. Ahmed bin Suleiman Al-Rajhi, raised his thanks and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz, and His Highness, the trustworthy Crown Prince - may God preserve them - on the occasion of the approval of the Council of Ministers to approve the application of an insurance product on the rights and entitlements of workers at the sector's facilities Private individuals from non-Saudis, and the state bears all costs involved in implementing the insurance product.
Al-Rajhi said: This product targets non-Saudi workers in private sector establishments in the Kingdom, and it will contribute to preserving the rights of workers in establishments in the event of their default and reduce the risk of any negative effects in the event of default - God forbid -.
Al-Rajhi indicated that the approval of this product is an embodiment of the keen interest that the Kingdom attaches to private sector establishments, and a desire to enhance its role as a major partner in developing the Saudi economy and creating more job opportunities in the market, asking God Almighty to preserve this country’s security and stability under the wise leadership. To the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince.
In the same context, the Cabinet approved the formation of a committee from the Ministry of Human Resources and Social Development, the Ministry of Finance and the Saudi Arabian Monetary Agency to undertake the following:
Determining the categories of non-Saudi workers at private sector establishments targeted for the application of the insurance product.
Establishing the necessary controls and mechanisms for implementing the insurance product.
Determine the value of the insurance policy according to what is stipulated in the insurance companies control system.