The Saudi Arabian Monetary Authority (SAMA) renewed on Wednesday its emphasis on banks not to deduct from the monthly cost of living allowance in return for repayment of personal loans and other financing commitments.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud ordered on Tuesday the continuation of public sector cost-of-living allowances for civil and military employees, retirees, social security and students for the new fiscal year as presented by Crown Prince Mohammed bin Salman, Deputy Premier and Minister of Defense and Chairman of the Council for Economic Affairs and Development.
Dubbed the "Royal Allowances," the funds - amounting to 1,000 riyals ($266) - will continue to be given to civil employees and military personnel until a study of the Kingdom’s “social protection system” is completed.
The government also ordered an allowance of 500 riyals for pensioners and 500 riyals for social security beneficiaries. Saudi students’ allowances will also be increased by 10 percent, according to the decree
SAMA confirmed implementing of the directives to avoid affecting the beneficiaries' allowances and remuneration referred to above in the application of periodic deductions.
It called on all bank customers to exercise their rights that are guaranteed by the regulations issued by filing a complaint to the Department of Customer Protection in SAMA in case of any violation.
In addition, the General Organization for Social Insurance (GOSI) announced that the disbursement will include citizens who receive retirement, death and occupational and non-occupational disability pensions from the institution, as well as beneficiaries of the unemployment insurance system, known as “Saned”.
Governor of GOSI Sulaiman Abdulrahman al-Quwaiz said that the number of beneficiaries who receive monthly pensions exceeds 370,000. They are paid more than 1.7 billion riyals per month that are transferred directly to their bank accounts.
