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Thursday, 26 November 2009 05:38 UAE time

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National pension scheme awaits sign off in Saudi

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 29 March 2009
PENSION PLAN: The Saudi Arabian Monetary Authority has still to approve the government's pension plans. (Getty Images)
PENSION PLAN: The Saudi Arabian Monetary Authority has still to approve the government's pension plans. (Getty Images)

A national pension scheme for all Saudi and expatriate workers in government and business has been drawn up, and awaiting approval by the Saudi Arabian Monetary Agency (SAMA), it was reported on Sunday.

Under the plans all employees will be charged with making monthly payments to an insurance company running the retirement policy until it matures after 20 years of service.

The policy would also offer security to families in the case of sudden death of a working relative, accidental injury or critical illness.

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Professionals like soccer players, singers, and artists would be required to pay up to 15 percent of their monthly income, depending on their years of experience and age, sources told Saudi daily, Saudi Gazette.

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