Riyadh Hosts Regional Social Security Forum for Asia and the Pacific
The Regional Social Security Forum for Asia and the Pacific kicked off in Riyadh on Tuesday, with Mohammed Al-Jadaan, the Minister of Finance and Chairman of the General Organization for Social Insurance, as the patron of the event.
Every three years, the International Social Security Association organizes this forum to tackle future challenges and opportunities in social security.
The primary goal is to build strong strategic partnerships and foster the exchange of experiences across various sectors.
Mohammed Azman, President of ISSA, delivered a speech at the opening of the Regional Social Security Forum for Asia and the Pacific in Riyadh on Tuesday. (Supplied/GOSI)
Al-Jadaan highlighted the Kingdom’s leading role in developing a robust social insurance system, a crucial element of Saudi Vision 2030.
“In recent years, we have introduced innovative initiatives and services to enhance social protection and ensure financial stability for the community,” he stated.
He also emphasized the merger of the Public Pension Agency and the General Organization for Social Insurance to harmonize systems, streamline policies, and enhance financial sustainability.
An enthusiastic crowd of individuals and specialists attended the opening of the Regional Social Security Forum for Asia and the Pacific in Riyadh on Tuesday. (Supplied/GOSI)
Following the merger with the PPA, the total assets of the organization exceeded SR1.2 trillion ($319 billion), according to Al-Jadaan.
He also mentioned the Citizen Account Program, which has provided over SR222 billion in total aid to support Saudi families against the economic impacts of reforms since its inception.
“Collaboration among government institutions has led to the launch of several digital platforms, enhancing citizen services. This effort positioned the Kingdom fourth globally in the E-Government Development Index, first regionally, and second among G20 nations,” he added.
Al-Jadaan highlighted Riyadh’s status as a global hub for gatherings and a leading platform for international cooperation, where key issues are addressed and solutions are proposed to address today’s challenges.
Mohammed Azman, President of the ISSA, remarked, “Today, we come together in Riyadh, a city with a rich history but a strong focus on the future. This forum is not just another meeting; it is a testament to our shared dedication to innovation, inclusion, and resilience in insurance protection.”
Abdulaziz Alboug, Governor of GOSI, stated that during the COVID-19 pandemic, Saudi Arabia supported over 480,000 employees with $2.5 billion through the SANED program. Additionally, 12 million workers benefit from the Occupational Hazards Branch.
The organization has invested in digital infrastructure, completing 130 million electronic operations this year and securing the second spot in the Digital Experience Maturity Index. It prioritizes innovative insurance solutions for citizens, residents, and visitors, Alboug added.
Amr Kurdi, Assistant Governor for Financial Sustainability and Risk Management at GOSI, explained that social insurance employs strategies to tackle challenges and risks in insurance systems. The organization follows a systematic approach to managing investment funds, ensuring optimal returns to support financial sustainability.
Marwan Al-Ghamdi, Assistant Governor for Strategy and Transformation at GOSI, emphasized the opportunity to expand insurance coverage, especially with the increasing number of young workers. He highlighted the continuous evolution of insurance systems to improve pension efficiency and provide optimal protection for participants and their families, in line with changes in the labor market.
Abdulmohsen Al-Khalaf, Vice Minister of Finance, underscored the importance of social insurance as a crucial component of the social protection system. It offers financial support to private sector and government employees covered by labor laws, ensuring their insurance protection after completing service.
Ahmed Al-Omran, Assistant Governor for IT at GOSI, pointed out that artificial intelligence is revolutionizing work processes, surpassing doctors in diagnostic accuracy tests. However, AI also contributes to job losses, which the SANED program addresses by supporting the unemployed.
He also mentioned that Saudi Arabia’s centralized database enhances personalized services and enables entrepreneurs to provide tailored solutions to clients.