Saudi Private Sector Salaries up 45% In 5 Years
Salaries of Saudi citizens working in the private sector have increased by 45 per cent in five years, according to the Kingdom’s National Labour Observatory.
The average monthly wage for Saudis in the private sector is now SR9,600 ($2,560), up from SR6,600 ($1,760) in 2018.
In a statement on social media, the National Labour Observatory attributed the salary growth to economic reform, stimulus packages and private sector support.
At the same time, the number of citizens earning SR40,000 ($10,665) in the private sector each month is around 44,000, an increase of more than 170 per cent.
The organisation also highlighted huge increases in Saudis earning higher salaries. It said there are now 202,700 citizens earning a salary of more than SR20,000 ($5,332) in the Kingdom. This is an increase of 139 per cent from 2018.
منذ العام 2018 وحتى منتصف 2023، نما معدل أجور المواطنين في القطاع الخاص بأكثر من 3 آلاف ريال لتصل إلى أكثر من 9,600 ريال، والذي يؤكد ذلك على دور النمو الاقتصادي وجاذبية سوق العمل.#المرصد_الوطني_للعمل pic.twitter.com/HN4wfZRfZg
— المرصد الوطني للعمل (@NLO_sa) September 19, 2023
In a posting on LinkedIn the NLO said: “A recent report by National Labor Observatory shows that the increase of Saudis wages is due to the economic growth and reforms the Kingdom is witnessing since the launch of the Kingdom’s Vision 2030 programs and initiatives, and the success of the stimulus packages provided by the government to the private sector during the Corona pandemic, in addition to the support the private sector is realizing for competitiveness, high attractiveness, and efficiency of the labour market”.
