MHRSD celebrates the success of Wage Protection Program and honors its supporting banks
The Ministry of Human Resources and Social Development (MHRSD) in Saudi Arabia celebrated its achievements in a ceremony organized by "Mudad" on Wednesday evening in Riyadh honoring the Wage Protection Program and the banks and businesses that helped make it possible was attended by the Deputy Minister for Labor, Dr. Abdullah bin Nasser Abu Thanin, the Governor of the General Organization for Social Insurance, Abdulaziz bin Hassan Al-Bouq, and the Deputy Governor of the Central Bank For supervising, Khalid bin Walid Al-Dhaher. Most Viewed : Saudi Crown Prince launches Alat company, with the aim to make Saudi Arabia as global hub in electronics and advanced industries
The event addressed about many of the Ministry's accomplishments and how they have helped make the job market more appealing and protect the rights of both parties in a contract.
- One of the main topics was the Wage Protection Program, which works to make sure that more than 700,000 private sector businesses pay their workers on time and at the agreed-upon value. The program's requirements have been met more than 88% of total companies.
- The goals of both the Wage Protection Program and the Contract Documentation Program are to make things more clear, give employees a stable place to work, boost their productivity, make contract data more reliable, and reduce down on labor disputes and problems.
- The Deputy Minister was proud to recognize Alinma Bank, Riyad Bank, Arab National Bank, and First Saudi Bank as part of the "Agreement to Provide Wage Protection Program Services Without Establishment Fees or Periodic Subscription Fees for Small and Micro Enterprises" for working with the Central Bank of Saudi Arabia.
- Gulf International Bank also gave awards to the banks that took the initiative to connect to the Madad payroll management system. This was done to show interest in using modern technology and electronic governance applications to improve the level of services offered to the private sector, especially small and micro businesses.
- This allows them to reduce down on administrative tasks, improve their quality and speed, and make it easier for them to commit. The following banks are part of the Wage Protection Program, Al Rajhi Bank, Al Ahli Saudi Bank, Alinma Bank, Riyad Bank, Arab National Bank, STCpay, Albilad Bank, and Al Jazira Bank.
