Official Saudi Labour Law, covering: Types of contracts and probationary periods Working hours, casual and sick leaves Termination of employment contract and severance pay Gratuity calculation (also referred to as end of service or final settlement) Minimum wages and basic salaries Employment laws of ...
Payment Services: The Saudi Central Bank (SAMA) introduced Payment Service Provider (PSP) Regulations to regulate the operations of PSPs. PSPs may obtain a PSP licence from SAMA to provide payment services in Saudi Arabia. In 2022, the Law of Payments and Payment Services was issued; and in...
The Group primarily has end of service benefits, defined benefit pension plans and post-retirement medical and life insurance plans, which qualify as defined benefit plans. End of service benefits and pension plans In KSA, for the liability for employees' end of service benefits, the actuarial ...
Reports that the government of Saudi Arabia is expected to announce a series of reforms to labor law. Issues covered by the reforms; Cancellation of the system of sponsorship; Aim of organizing the system of labor and residence clarifying the rights and duties of foreign manpower....
End of Service Benefits (EOSB) is payable only at the end of the employment relationship, not before. Both Saudi and Non-Saudi employees are entitled to EOSB. If the employer ends the employment, the benefit is calculated by adding ½ a month’s wage for each of the first 5 years an...
According to the Labour Law of Saudi Arabia and GIB KSA's internal policies, employee end of service benefits becomes due for payment at the end of an employee's period of service. End of service benefits have been provided based on the employees' length of service. As of 31 December ...
Renovation aims to preserve heritage of building and invoke aura of old times New law: Strict ban on commercial use of these symbols Kingdom sets 90-day deadline for businesses to comply with ban Here's how to drink Zamzam water with reverence Worshippers exhorted to observe calmness, alt...
The portal provides information related to the contact details of relevant authorities, workers' rights, contractual obligations and wages, working hours, training, qualification, work responsibility, disciplinary rules, and the calculation of ...
; • The need to deal with the transfer of employee contracts and Iqamas as part of any asset sale and purchase; and • The impact on target's end of service benefits obligations in the case of a business transfer. As discussed later in this guide, foreign investors considering either...
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