Riyadh — The General Organization for Social Insurance (GOSI) made significant amendments and additions in the registration and subscription regulation of the Social Insurance Law. The subscriber wages will be updated monthly instead of on the current annual basis.
GOSI will also calculate the 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 several paragraphs to the regulation of registration and contributions of the law.
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Calculating subscriber contributions will be in terms of days instead of months because the subscription payments are calculated based on the number of days worked. GOSI will also end the annual wage update service to enable monthly contributions for all subscribers.
GOSI amended and expanded articles 9 and 21 of the Social Insurance Law. In addition, the deadline to add new subscribers is now the end of the month of joining the social insurance scheme.
The registration and contributions regulation governs the registration of employers and their workers in the social insurance (GOSI) system. It includes the voluntary registration of contributors to affect the system better and realize its objectives.