The General Organization for Social Insurance (GOSI) made major amendments and additions in the registration and subscription regulation of the Social Insurance Law under which the updating of the wages of subscribers will be done on a monthly basis instead of the current annual basis.
GOSI will also calculate contribution rate of subscribers in terms of days instead of months. The new amendments will come into force from Feb. 1, 2022.
Minister of Finance and Chairman of the Board of Directors of GOSI Muhammad Al-Jadaan has approved the amendment and addition of a number of paragraphs to the regulation of registration and contributions of the law.
The mechanism of calculating the contributions for each subscriber will be in terms of days instead of months and the subscription amounts will be calculated according to the number of working days of the subscriber in the firm.
GOSI will also stop the annual wage update service so that contributions can be made on a monthly basis for all subscribers.
GOSI said amendments and additions were made in a number of paragraphs in articles 9 and 21 of the Social Insurance Law. The deadline for employers to add subscribers was amended to become at the end of the month of joining the social insurance scheme.
Amendment was also made to extend the deadline granted to employers to exclude participants to the end of the month of exclusion.
There is also another amendment under which the deadline granted to employers to furnish the data of non-Saudi subscribers and submit their wages will be at the end of the month of joining the service.
It is noteworthy that the registration and contributions regulation governs the registration of employers and their workers in the social insurance (GOSI) system.
It also includes the voluntary registration of contributors in a way achieving good application of the system and realize its objectives.
SOURCE : SAUDI GAZETTE
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