Employers who furnish incorrect information or fail to provide the data required by the General Authority of Social Insurance (GOSI) will have to pay a maximum fine of SR10,000 for each violation. The Council of Ministers on Monday approved an amendment to the Social Insurance Law in this regard. Adel Al-Turaifi, minister of culture and information, said the decision was taken after examining a report presented by the Ministry of Labor and Social Development and two decisions taken by the Shoura Council. According to the amendment, those who violate any provision of the rules and regulations of the Social Insurance Law, including the submission of incorrect information or refraining from providing the data required by GOSI, will be fined. The amount of fine will be doubled with the number of workers involved in the violation or repetition of violation. The amendment also stipulates that a penalty will be imposed on an employer if it is found that any employee registered with GOSI is not working with him. In such case, a fine of SR10,000 or an amount, which is double the total subscription made by the employer for the said employee, whichever is the highest, will be imposed. The amount of fines will be doubled with the number of violations. The Cabinet also approved reconstitution of the board of directors of the Saudi Stock Exchange Company (Tadawul) for a period of three years.
