A new insurance programme called “Insurance Product” was introduced by the Insurance Authority and the Ministry of Human Resources and Social Development to defend the rights of foreign employees.
The plan that goes into effect additionally lessens the financial strain on employees if employers default and are unable to pay wages for a predetermined amount of time.
If their employers default, the programme will pay foreign employees’ debts in private sector establishments.
The Insurance Product, offered by insurance firms in the Kingdom, pays foreign employees’ obligations if the owners of the establishment neglect to pay their salaries.
The insurance document’s terms and benefits, as well as the policies and procedures governing it, will be followed in the implementation of the plan.
One of these benefits might be a ticket for travel in the event that the foreign worker decides to return home after their final departure.
The Insurance Product’s launch is part of an ongoing initiative to preserve contractual rights between employers and employees, develop the labour market in the Kingdom through policies and laws, and make the sector more efficient and appealing both locally and globally.
The Insurance Product is also consistent with the package of systems and procedures established by the Ministry of Human Resources and Social Development to preserve the rights of both workers and employers, including the Wage Protection Law and documentation of contracts.
The ministry has issued a guide explaining all procedures related to the insurance product, which can be viewed by accessing the ministry’s website.
Meanwhile, in response to increased volatility in the crude market, as traders monitor developments in the Middle East conflict, Saudi Arabia increased the price of its benchmark oil for purchasers in Asia.
According to a price list seen by Bloomberg, state producer Saudi Aramco increased the official selling price of its main Arab Light crude grade by 90 cents to a premium of USD 2.20 per barrel against the regional benchmark for buyers in Asia.
A poll of traders and refiners predicted that the company would raise the premium by sixty-five cents per barrel.