The General Organization for Social Insurance (GOSI) will begin implementing “Saned,” an unemployment insurance scheme, on Aug. 31.

The program aims to promote job security among employees by providing compensation to subscribers who lose their jobs in either the public and private sectors.

The system will be mandatory for all Saudi employees on a payroll above the age of 59 regardless of gender.

Subscribers will have had to be registered under the system for at least 12 months, not left work voluntarily or be involved in private business activity in order to be eligible for compensation.

Subscribers will have to pay one percent of the monthly salary toward the scheme, with contributions not exceeding 10 percent from subscribers and 12 percent from employers.