Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo
TT

Saudi Labor Ministry Improves Contracts to Increase Efficiency

Saudi Ministry of Labor and Social Development Logo
Saudi Ministry of Labor and Social Development Logo

The Saudi labor market is witnessing a tangible progress in improving contracts and raising its efficiency and competitiveness, according to the Ministry of Labor and Social Development.

The Ministry asserted it wants to ensure that the rights of workers are protected through the mandatory electronic documentation program of labor contracts of employees in the private sector by the end of 2020.

The program aims to protect the rights of workers by archiving and documenting their contracts so that they are aware of the data and whether they approve its content or not.

It aims to protect the rights of the parties to the relationship, support emerging business, and remove barriers to business growth.

According to the minister’s new decision, all new contracts will be documented electronically. 

The Ministry has recently held a seminar with the private sector in Riyadh to exchange views on improving the work environment and attract national talents, with the participation of Minister of Labor and Social Development Ahmed al-Rajhi, and a number of business owners and entrepreneurs in the private sector.

Business owners and private sector officials believe it is important to improve the contractual relations in order to create an attractive work environment for citizens and attract competencies to the labor market to serve the Kingdom's economy.



Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
TT

Türkiye Works to Halt Circulation of Fake US Dollars

FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A money changer counts US dollar bills, with Turkish lira banknotes in the background, at an currency exchange office in central Istanbul, Türkiye, August 21, 2015. REUTERS/Murad Sezer/File Photo

Turkish authorities were checking currency exchanges and cash dispenser machines on Thursday to help avert any damage from the circulation of counterfeit US dollars, which has prompted a number of banks to stop accepting some of the bills.
The central bank said it was working with judicial authorities to address the counterfeiting issue and had shared a report and guidance with lenders after having examined the fake US banknotes, Reuters reported.
Though it was unclear how much counterfeit currency was in circulation across the country, several banking sources said that several foreign exchange offices and banks were no longer accepting some US dollars.
A source with knowledge of the matter said there were no related problems with the financial system.
Several banking sources have said some $50 bills and $100 bills are suspected of being counterfeit and are not currently detected by money-counting machines.
The Turkish Banking Association said these machines as well as cash dispenser machines, or ATMs, were being checked and updated to halt any further circulation of counterfeit bills.
The source said a planned rapid system-wide update to money-counting machines would make detection possible.
Separately, a prosecutor's office in Istanbul launched an investigation into the issue, broadcaster NTV reported.