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Pensioners to receive a cost-of-living allowance
Pensioners to receive a cost-of-living allowance
Country:
Saudi Arabia
On March 29th 2010, the Cabinet approved granting Saudi citizens who receive pensions and benefits as well as their family members a cost-of-living allowance of 5 percent annually for a period of three years (5 percent during the first year, 10 percent during the second year, and 15 percent during the third year). The payments started on 15 April 2010. The Cabinet also approved the calculation of the allowance based on a maximum of SAR 25,000 of the pensions and benefits. After three years, this allowance shall be subject to a decision by the Cabinet.
It is noteworthy that the number of beneficiaries of the Social Insurance Scheme that receive monthly pensions exceeds 250,000. They are paid more than SAR 650 million per month. Additionally, the General Organization for Social Insurance created a very advanced IT system that enabled its employees to deal easily and effectively to provide service.
Source: General Organization for Social Insurance.
Implementation date: 03.2010
Category: Benefits
Branch: Old age, Disability, Survivors
Branch: Old age, Disability, Survivors
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Submission deadline: 31 August 2012