Public Pension Agency Merger Boosts Benefits for Workers in Saudi Arabia

Public Pension Agency Merger Boosts Benefits for Workers in Saudi Arabia

Experts have predicted that the decision to merge Saudi Arabia's Public Pension Agency (PPA) into the General Organization for Social Insurance (GOSI) will reinforce benefits and programs offered to workers in the Kingdom.

The move is set to boost investment returns, reduce costs and help with their diversification, said Finance Minister and GOSI Chairman Mohammed Al-Jadaan in a statement.

Al-Jadaan said that the Kingdom's fiscal policy aims to strike a balance between maintaining fiscal sustainability and enhancing economic growth and development, while also supporting economic transformation in line with the national vision for transformation, Kingdom Vision 2030.

Saudi Arabia is moving ahead by striving to increase efficiency and effectiveness within the framework of fiscal discipline, improving the basic services provided to citizens, diversifying government revenue sources and empowering the private sector.

Moreover, Al-Jadaan reviewed the merger as an administrative-organizational process that works to unify the insurance protection umbrella for employees of both the public and private sectors.

It will also contribute to eliminating overlap in similar specializations, achieving optimal utilization of resources, increasing operational and financial efficiency and improving services provided to clients.

This confirms the Saudi leadership's interest in developing the social insurance sector as one of the key pillars that play an important role