International Finance

Saudi Arabia’s Public Pension Agency to merge with General Organisation for Social Insurance

Public Pension Agency_IF_Image
More than 8.3 bn people will benefit from social insurance because of this merger

The Kingdom of Saudi Arabia’s cabinet recently approved the merger of the Public Pension Agency (PPA) into the General Organisation for Social Insurance (GOSI) that will benefit around 8.3 billion people in the kingdom, according to media reports. The decision was taken during a videoconference meeting chaired by King Salman bin Abdulaziz.

It was also reported that the merger process will not affect the mechanism and dates of disbursement of insurance benefits to insurance or pension clients. Other processes, such as the progress of operations or transactions will also not be affected, as confirmed by the kingdom.

The merger between Public Pension Agency (PPA) and General Organisation for Social Insurance (GOSI) comes as a part of ongoing reforms and restructuring under the Vision 2030 project, revealed Saudi Finance Minister Mohammed Al-Jadaan. He also mentioned that the merger is expected to strengthen the pension fund’s financial status by boosting its performance and maximsing investment returns.

The cabinet also approved that the Royal Commission for AlUla joins the International Union for Conservation of Nature as an independent member. Additionally, the meeting also spoke about boosting bilateral ties and backing international and regional measures to make sure there is stability and security. This vision is in line with the important role Saudi Arabia has played in leadership and development in the country and the Muslim world.

During the same meeting, the cabinet ministers also reviewed the Saudi-sponsored peace declaration issued by senior scholars from both Islamabad and Kabul in Makkah, which plans to settle the Afghan crisis through negotiations and aims to reject all shapes and forms of violence and extremism.

Image credits: Arab News

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