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Finance Minister Muhammad Al-Jadaan has agreed to add an article to the executive regulations of the “Sanid” unemployment insurance system.
The article, which was published today (Friday) by the newspaper “Umm Al-Qura”, included a mechanism for determining the contributions due to the unemployment insurance system, pursuant to the article (seventh) of the same system.
According to the new article, contributions are determined and adjusted according to the following mechanism:
1- The contributions are set at “2%” of the assessed salary in the event that the size of the assets of the branch account on the date of entry into force of the amendment to article seven “of regulation” 7 “n ‘not exceed the time limits for its expenditure during the year preceding the date of entry into force.
2- Contributions are adjusted – at a rate not exceeding “2%” and not less than “0.5%” of the salary subject to contributions – on the basis of the results of the assessment of the financial position of the branch account every 3 years, according to the following:
a- Reduction of contributions of “0.5%” if the assets of the branch at the end of the three years exceed “7” times its expenditure for the last year.
NS- Increase contributions by “0.5%” if the agency’s assets at the end of the three years are less than “7” times its expenses for the previous year.
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