Employee Benefits in Saudi Arabia and South Africa: Industry Share, Analysis and Forecast

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Employee Benefits in Saudi Arabia:

The Kingdom of Saudi Arabia has an extensive social security system which aims to provide every citizen with a decent standard of living in line with Islamic principles. Its small population and high gross domestic product (GDP) allow the Kingdom to provide employed and self-employed residents with help, such as medical care, childcare, pensions and unemployment benefit, as well as, in some cases, housing and disability benefits.

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Saudi Arabia had previously experimented with its social security system by bringing in foreign workers, as the country’s working population mainly consists of expatriates; due to their transient nature, however, the plan was later shelved. The Ministry of Labor provides general supervision, while the General Organization for Social Insurance (GOSI) administers various social welfare programs through district offices.


Employee Benefits in South Africa:

South Africa has a well-developed social security system, which covers employees and their dependents, unemployed persons and individuals. The Department of Labor (DoL) is the central labor administration body and is regulated by Ministry of Labor. The South African social security system is composed of three pillars: the non-contributory pillar (taxed pillar), contributory pillar and private voluntary pillar.

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The contributory pillar includes social insurance, while the non-contributory pillar includes social assistance and social relief distress. The private voluntarily pillar covers pensions, short-term, work-injury and healthcare benefits, and is usually voluntary but can become obligatory based on a company’s policy, work, industry and sector.


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Scope:-

This report provides a detailed analysis of employee benefits in Saudi Arabia and South Africa:

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, workmen’s compensation, End of Service Benefits (ESB), medical benefits, unemployment, maternity and paternity benefits, housing construction and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Saudi Arabia

Reasons to buy:-

• Make strategic decisions using in-depth information related to Saudi Arabian and South African employee benefits
• Assess the Saudi Arabian and South African employee benefits market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in Saudi Arabia
• Gain insights into key regulations governing Saudi Arabian and South African employee benefits, and their impact on companies

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