Expats face GOSI cuts if they stay abroad for over one month

March 22, 2016

Jeddah, Mar 22: The General Organization for Social Insurance (GOSI) has revealed that it plans to suspend all services to expatriates if they are abroad for over a month, with reinstatement occurring only once they return.

GOSIThe organization had not yet worked out the manner in which this would occur, but talks were taking place with the Ministry of Interior, said Abdul Aziz Al-Habdan, GOSI’s deputy governor, during a briefing at the Eastern Province Chamber of Commerce and Industry recently.

Al-Habdan was quoted as saying by a local publication that because of the large number of foreign workers in the country, the organization was working to introduce electronic services for companies and their employees. Currently 50 percent of subscribers conduct their transactions in person, he said.

On the wage protection issue, Al-Habdan said that there were some employers registering workers earning less than they do in reality, in an attempt to pay less to the fund. This also affects eventual payouts to workers, he said.

He dismissed reports that children of Saudi women married to foreigners do not benefit from the social insurance system, in reference to the decision taken by the government recently to include them as beneficiaries.

Al-Habdan said that people taking early retirement was having a negative financial impact on GOSI. However, changes were in the pipeline to change this situation, he said.

In response to the organization not disclosing and publishing its financial results, he said: “The rights of subscribers are guaranteed and maintained by the state. Our policy is heading toward further clarification and disclosure.”

He said GOSI now covers 400,000 companies compared to 25,000 over 12 years ago, with 8.5 million workers, compared to 2 million going back over the same period.

According to the GOSI website, the scheme covers workers in the private sector and a group of workers in public sector.

It provides contributors and their families “with a decent life after leaving work due to retirement, disability or death; medical care for contributors afflicted with work injuries or occupational diseases; and compensation in the event of occupational disability or death.”

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Arab News
March 9,2020

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

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Agencies
April 26,2020

Riyadh, Apr 26: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia has issued an order to partially lift the curfew in all regions of the Kingdom, to become from 9am to 5pm, starting Sunday through Wednesday May 13, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighbourhoods, state news agency (SPA) said early on Sunday.

The order also allowed the opening of some economic and commercial activities, which include wholesale and retail shops in addition to malls.

They can operate for two weeks, beginning on April 29 (Wednesday) until May 13 (Ramadan 6-20), however, certain shops within malls like beauty clinics, barber salons, gyms, cinemas, and restaurants will continue to be restricted from reopening.

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Agencies
May 25,2020

Abu Dhabi, May 25: Dusty weather to persist in the UAE on Monday as well with a chance of rainfall in parts of the country, the national Met department reported.

According to the NCM, the weather today will be fair to partly cloudy, with a chance of some convective clouds formation by afternoon - eastward and northward - extending to some internal areas that may be associated with some rainfall.

The weather will get humid by night and Tuesday morning over some coastal areas.

NCM predicts a wet Eid break.

Sharjah Police issued a weather warning as heavy rain flooded roads in Sharjah's Kalba among other areas.

Moderate to fresh winds will gain strength during the day causing blowing dust and sand.

The sea will be slight to moderate in the Arabian Gulf and in Oman Sea.

Earlier on Sunday, a weather alert was issued by authorities as moderate to heavy rain - accompanied with hail - lashed parts of the UAE. A rainbow in Dubai skies cheered up residents, celebrating a unique Eid this year amid the coronavirus Covid-19 pandemic - by mostly staying home.

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