Sources reported that higher instructions had been issued setting 3 options that determine the fate of the employees of the Saudi State Real Estate Authority, after the issuance of its establishment order in September 2018, to replace the state property interest.
Sources, according to Okaz, confirmed that the directives stressed that the contracts of any worker whose services were transferred after the transition to the work and social security systems were not terminated during the first two years and that the percentage of those whose services were terminated during the third and fourth years not exceed 15%.
The directives indicated that whoever does not wish to work with the authority after the transformation, remains in the Ministry of Finance in accordance with the procedures regulating this.
The directives set out the criteria by which restructuring takes place, as employees are divided according to their years of service and experience, “above or under 20 years”, with each group choosing between two options either to terminate services by “liquidation of pension rights or early retirement” And the conclusion of a new work contract in accordance with the work system, wages and benefits approved by the authority.
The second option came to include services in the social insurance system, in accordance with the provisions of the system of benefit exchange between the civil and military retirement systems and the social insurance system, with the conclusion of a new work contract.
In the new contract, these directives required that its value not be less than the last job grade held by the employee, that his participation in social insurance be continuous, and that his services are related to leave, end of service and his remuneration.
The directives ordered the formation of a committee from the Ministry of Finance, the State Real Estate Authority and the General Organization for Social Insurance, to study the costs of restructuring and inform the High Commissioner of what was reached within a period not exceeding 6 months from the date of the committee’s formation.