Saudi Arabia targets sustainable, fair retirement system through improving laws: Minister

Faisal Alibrahim, Minister of Economy and Planning

Saudi Arabia is working to ensure the retirement system is sustainable, inexpensive, and fair, through improving systems and regulations, said Faisal Alibrahim, Minister of Economy and Planning.

In a panel discussion at the Financial Sector Conference, the minister added that the Kingdom is keen to be proactive to ensure the development of policies aimed at addressing the rise in life expectancy and its consequences in terms of retirement.

Alibrahim indicated that Saudi Arabia is one of the young countries, but it is working to address these challenges, noting that the country was also keen to be more flexible with the General Organization for Social Insurance (GOSI) and made a number of changes to the retirement system.

Among the tools that cannot be overlooked in addressing the issue is Vision 2030 and the Quality of Life Program, which guarantee more effectiveness, the minister said.

He pointed out that flexibility, innovation, work, and the future of work are being considered to minimize this issue. This also includes the retirement system in the private sector, in addition to developing the work system and benefiting from the previous lessons.