Custodian of the Two Holy Mosques King Salman on Friday ordered the governmentto pay 60 percent of the Saudi employees' salaries for a period of three monthsamounting up to SR9 billion ($2.39 billion), Saudi Press Agency reported.
The financial support, which provides a major relief to the private sectorcompanies impacted by coronavirus pandemic, will, however be inaccordance with the conditions stipulated in the unemployment insurance system(SANID).
According to the royal order, the employer instead of terminating thecontract of a Saudi worker can apply for compensation request with the GeneralOrganization for Social Insurance (GOSI), claiming 60 percent of the registeredwage for a duration of three months, at a maximum of SR9,000 monthly.
Lauding the royal order, Finance Minister Mohammed Al-Jadaan, who is alsothe chairman of the GOSI said the move reflects King Salman's continuous careand focus toward mitigating social and economic consequences of COVID-19 on theprivate sector, while taking the necessary measures to ensure the safety ofcitizens and residents, as well.
Al-Jadaan said that the royal order aims to limit the economic impact on thelabor market, in addition to maintaining nationalization and growth throughalternative means that contribute to keeping workers employed and providingthem with compensation, in case of a job loss.