In Saudi Arabia, change is often felt first in everyday life before it’s written into policy. Cafés buzz with conversations about work, family, and the future. Markets reflect the movement of money across borders, as expatriates send billions home each year while Saudis think about their retirement plans. Against this backdrop, the Kingdom is preparing to introduce an exciting new program that will help both Saudi citizens and foreign workers save more for their future. This is a big step toward making life better and more secure for everyone living and working in the Kingdom.

What Is This New Program?

The new plan is called the Public Pension and Savings Programme. It is a voluntary program, which means workers can choose to join if they want to. The goal is to help people save money regularly and safely, so they have more financial security when they retire or face unexpected events.

For the very first time, this program will include both Saudi nationals and foreign workers. This is important because many foreign workers in Saudi Arabia send most of their earnings back to their home countries. By offering a local savings option, the program encourages them to invest and save within Saudi Arabia.

Why Is the Public Pension and Savings Programme Needed?

Every year, foreign workers send a huge amount of money out of the country. Last year alone, it was about 144 billion Saudi Riyals (over 38 billion U.S. dollars). This is called remittance, and while it supports families abroad, it also means a lot of money leaves the Saudi economy.

This Saudi Arabia Pension and Savings Program aims to change that by giving workers a safe and rewarding way to save their earnings locally instead of sending it all overseas. This is not just good for individuals but also helps the country’s economy grow stronger by keeping more money circulating inside the Kingdom.

Who Can Join the Public Pension and Savings Programme?

As of early 2025, around 13 million people in Saudi Arabia were part of the social insurance system. Out of these, about 77% were expatriates from other countries working and living in Saudi Arabia.

Now, these workers, as well as Saudi citizens, will have the choice to join this new voluntary savings plan. It gives everyone the chance to build savings over time and plan ahead for retirement or other life needs.

What About Recent Pension Reforms?

The new Saudi pension and savings programme follows a set of important changes made in 2024 to Saudi Arabia’s pension system. Those changes raised the retirement age to 65, increased the time people need to contribute to the pension, and raised contribution rates step-by-step. These moves are meant to keep the pension system strong and sustainable for years to come.

While these reforms won’t immediately save the government money, they set a solid foundation for a better future. And the new voluntary savings program fits right into this bigger picture by encouraging personal savings.

Why Is This Good News?

• More Savings, More Security: Both Saudis and foreigners get an easy way to save money for their future.
• Stronger Economy: Keeping money inside the Kingdom helps support new projects and create jobs.
• Better Inclusion: Giving foreign workers access to savings programs is a big step toward financial fairness and inclusion.

What’s Next?

Picture Saudi Arabia a few years from now. Workers finishing their day know that part of their income is building toward retirement. Expatriates who once sent all their money overseas now have savings accounts that grow steadily within the Kingdom. Families feel a sense of stability that stretches beyond today.

The Public Pension and Savings Programme is the beginning of that picture. Managed by the General Organization for Social Insurance, it offers transparency, security, and choice. It fits seamlessly into the reforms shaping Saudi Arabia under Vision 2030, where financial well-being and economic growth go hand in hand.

This program is about building confidence for the years ahead. A Saudi worker planning for retirement and an expatriate saving for tomorrow now share the same opportunity. That shared step tells a bigger story: a Kingdom investing in people, and people investing in the Kingdom.

FAQs

What is the new Public Pension and Savings Programme in Saudi Arabia?
It is a voluntary savings program that allows both Saudi citizens and foreign workers to save and invest money for their future. The aim is to help people build financial security and encourage saving within Saudi Arabia instead of sending most of their earnings abroad.

Who can join the pension and savings program in Saudi Arabia?
The program is open to all private and public sector workers living in Saudi Arabia, including Saudi nationals and expatriates. Both groups can choose to participate voluntarily.

Why is Saudi Arabia introducing the pension and savings program now?
The program helps reduce the large amount of money foreign workers send abroad each year. It also supports Saudi Arabia’s Vision 2030 goals by encouraging local savings and economic growth, while providing individuals with better financial protection.

How does the Saudi pension and savings program relate to recent pension reforms?
The voluntary program complements recent pension reforms made in 2024, such as raising the retirement age and increasing contribution rates. Together, these measures aim to make the pension system sustainable and encourage more long-term savings.

What benefits do foreign workers gain from the Saudi pension and savings program?
Foreign workers can now participate in a formal savings plan within Saudi Arabia, helping them save money locally and build financial security. This is the first time such a program is being offered to expatriates, making it easier for them to plan for the future while living and working in the Kingdom.

Follow us on Instagram for daily travel inspiration and untold stories from the Kingdom. Want more? Explore more experiences and stories in our Lifestyle and Wellness category. 
This article is brought to you by Soul of Saudi (a Saudi travel blog dedicated to uncovering the beauty, heart, and soul of the Kingdom).