PENSION REFORM IN SAUDI ARABIA IN THE CONTEXT OF THE «SAUDI ARABIA VISION 2030»

Grigorieva O. G., Nikulshin A. A.

In the modern world, the Kingdom is regarded as a welfare state characterized by a high level of social protection. However, the growing proportion of retirees places an additional fiscal burden on the national budget. In response, Crown Prince Mohammed bin Salman launched the comprehensive economic programme Saudi Arabia Vision 2030, which included a landmark pension reform. Despite a number of shock measures—such as equalizing and raising the retirement age for men and women to 65, and increasing pension contribution rates—the reform is regarded as a unique and progressive model of social security, potentially serving as a benchmark for countries in the Middle East. The study is based on an analysis of the provisions of the Saudi Arabian Social Security Law 2024 in relation to the current socio-economic situation in the country, its development prospects, and the political vision for the further development of the Kingdom.

Keywords:Saudi Arabia, pension reform, retirement age, pension contributions, social insurance, minimum pension, old-age benefits