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The decision to merge “retirement” and insurances will be effective as of August 1

The decision to merge “retirement” and insurances will be effective as of August 1

Today, Friday, “Umm Al-Qura”, the official newspaper of the Kingdom of Saudi Arabia, published a statement from the Saudi Council of Ministers explaining the arrangements for the decision Merging the Public Pension Agency into the General Organization for Social Insurance, provided that it will be effective from the date of 22/12/1442 AH corresponding to 1/8/2021 CE.

The statement indicated that the General Organization for Social Insurance will replace the Public Pension Agency, in all its responsibilities, powers, rights, obligations, and the like, and all assets of the Public Pension Agency of all kinds will be transferred to it.

He also stressed the continuation of applying the financial, administrative and functional regulations of the Public Pension Agency, until the Board of Directors of the General Organization for Social Insurance issues what is necessary for that.

The Council of Ministers decided to re-form the board of directors of the General Organization for Social Insurance as follows:

Finance Minister as Chairman
Governor of the Foundation as a member عضوا
A representative from the military sectors, as a member
A representative from the Ministry of Human Resources and Social Development, member
A representative from the Ministry of Finance, as a member
A representative from the Ministry of Economy and Planning, as a member
Two expert members, one in Financial Services and Risk Management and the other in Mergers, Corporate Structure Design and Governance.

The representative of the military sectors and the two experts shall be named by a decision of the Prime Minister based on the nomination of the Chairman of the Board of Directors.

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The resolution stipulates that the Board shall hold a meeting at least once every three months, or whenever the need arises based on an invitation from the Chairman of the Board. :

1- The tasks and competencies entrusted to the Board of Directors of the Public Pension Agency contained in the civil and military retirement systems, the organization of the Public Pension Agency, and the relevant systems, regulations, orders and decisions.

2- Supervising the implementation of the merger process in accordance with the previous clauses, and taking all necessary decisions, procedures and plans to implement them.

3- Reviewing and making the necessary amendments to the financial and administrative regulations, including the job regulations for the employees of the General Organization for Social Insurance.

4- Preparing a draft organization for the institution in accordance with Royal Decree No. (17715), dated 4/1/1442 AH, and submitting it in accordance with the established regular procedures.

In mid-June, the Saudi Cabinet issued a decision merging the General Pension Agency into the General Organization for Social Insurance, with the aim of achieving optimal use of resources and increasing operational and financial efficiency.

The two funds own significant stakes in Saudi companies, including a combined $8.5 billion stake in the Saudi National Bank and a $4.3 billion stake in Al Rajhi Bank.

The two institutions also own $207 million (776.25 million riyals) of AstraZeneca’s international shares, in addition to $170 million (637.5 million riyals) in HSBC, according to a Bloomberg report.