Saudi Arabia Pension Update: Big decision of Saudi Arabia, pension holders will get money before time, payment will be done on July 30

There is relief news for people receiving retirement and social insurance pension in Saudi Arabia. The government has now changed the date of payment of pension to Thursday, July 30. With this decision, beneficiaries will get their money before the scheduled time.

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This change has been made because the original date of pension payment was falling on Saturday. Saudi Arabia’s General Organization for Social Insurance (GOSI) has shared this information. It is an old rule of GOSI that if the payment date falls on a holiday or weekend, then the payment is made in advance so that people do not face any problem.

Other changes in pension rules

GOSI has taken several steps in the recent past to improve the pension system. The pension payment date for all beneficiaries has been fixed at the beginning of every English month from May 1, 2024. Earlier this payment was done at the end of the month.

In addition, some new amendments have been implemented in the Social Insurance Law from July 3, 2024, the highlights of which are given below:

• Pension contribution rates for new members joining after July 3, 2024 will increase by 0.5% every year.
• Employee pension contribution will increase to 10% by July 2026.
• An additional contribution of 0.75% will have to be made for SANED unemployment insurance, bringing the total contribution to 10.75%.
• This increase process will continue till July 2028.
• A new benefit of ‘Maternity Compensation’ has also been started for working women.