PPA, GOSI to start asset transfer as of August 1

Logo of the Public Pension Agency (PPA) and the General Organization for Social Insurance (GOSI)

The Public Pension Agency (PPA) will start transferring all assets to the General Organization for Social Insurance (GOSI) as of August 1, allowing the latter to replace PPA in all its responsibilities and liabilities, Umm Al-Qura newspaper reported.

The Saudi Cabinet approved on June 15, to merge PPA into GOSI, Argaam reported.

Nader A. AlWahibi, Assistant Governor for Insurance Affairs at GOSI, said earlier that PPA would start transferring all assets to GOSI over the coming period through a certain mechanism that will not affect doing business.