The Minister of Human Resources and Social Development launches a "Madad" to enable enterprises to organize and manage workers' wages according to integrated and advanced processesتاريخ النشر : 21 September 2022 - 25 Safar 1444
His Excellency the Minister of Human Resources and Social Development Eng. Ahmed bin Sulaiman Al-Rajhi announced the launch of the "Madad" platform, which provides technical solutions to small and medium-sized companies in all matters related to salary management systems, enabling them to adhere to the "wage protection" system, and facilitate the procedures for automating payroll systems, Which is part of the National Transformation Program plan.
His Excellency explained that the "Madad platform" will have an active role in enabling small and medium enterprises to manage salaries and govern financial operations related to wages, which will enable them to dispense with a number of systems and applications. It will also have a prominent role in raising the transparency and reliability of the financial operations that take place in the establishments. Its size would enable it to pay salaries and manage its financial operations in an easy manner, and to ensure that these establishments adhere to the "wage protection" system by automatically linking the establishments to the system, saving them a lot of effort and money.
His Excellency M. Al-Rajhi stated that the launch of "Modad" comes in implementation of the National Transformation Program 2020 plan, which stipulates "establishing a salary and wages company" within the axes of raising the attractiveness of the Saudi labor market, adding that: Its establishment aims to implement an effective wage management system, with the aim of increasing transparency and safe protection for employees and establishing a company To monitor payroll and protect the rights of employees and employers. "
For his part, the Governor of the General Organization for Social Insurance, Mr. Suleiman bin Abdulrahman Al-Quwiz, explained that the Madad platform will support many establishments by providing a digital system for small and medium enterprises to manage salaries and wage protection files through which it raises the level of protection of financial operations to create the highest level of privacy, safety, ease and speed of implementation. The system is characterized by the unification of financial systems between establishments and banks to facilitate the process of managing salaries and unify the format of the "wage protection" file, in line with the systems of the Saudi Arabian Monetary Agency, banks and banks, which will lead to a reduction in the procedures of the establishments in raising the wage protection file.
Regarding the solutions provided by the Madad platform, His Excellency the Governor of the Saudi Arabian Monetary Agency, Dr. Ahmed bin Abdul Karim Al-Khulaifi, commented on this, saying that the solutions provided by the "Madad" platform (specialized in financial technology management) coincide with SAMA's directions in developing the financial sector related to the Kingdom's vision. 2030 by working to enhance the principle of innovation in financial services and the transformation towards a society that is less dependent on cash and the principle of financial inclusion, indicating that the platform, through its digital systems, provides innovative and qualitative solutions for a large segment of private sector establishments represented in small and medium enterprises, as these solutions will have a role In increasing its data transparency, facilitating its banking services, and contributing to improving its financial systems.
On the other hand, the Ministry of Human Resources and Social Development and the General Organization for Social Insurance thanked and appreciated the partners in the banking sector (Riyad Bank, Alinma Bank, Arab Bank, Al Ahli Bank of Saudi Arabia and Banque Saudi Fransi) and the partner in the telecom sector STC Pay for their support and cooperation with the Madad platform in achieving its goals and reaching For the integration required to achieve the goals of the vision and national transformation.