File - Brokers monitor a screen displaying stock market index at an investment bank in Riyadh, June 9, 2013. (REUTERS/Faisal Al Nasser)
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Saudi Arabia will introduce compulsory unemployment insurance this year for all citizens with jobs, the world's top oil exporter said Monday.The introduction of unemployment insurance is designed to make it more attractive for young Saudis to seek jobs in private companies, where the starting salary and other benefits are less generous than in government jobs.Most Saudis who do not have jobs are financially supported by a relative.It is not yet clear if the payments Saudis will make into the scheme can cover the cost of insurance payments.Besides the new unemployment insurance, Saudi Arabia has also introduced tough new quotas for companies to employ Saudi nationals as well as foreign workers, who are cheaper and easier to fire.
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