Monday, February 26, 2024
Business

Saudi Arabia has announced a minimum wage of 4,000 riyals for citizens

RIYADH (Monitoring Desk) Saudi Arabia declared that it would raise the citizens’ minimum wage from 3,000 riyals to 4,000 riyals. According to media reports, on Wednesday, the Saudi Ministry of Human Resources and Social Welfare agreed to raise Saudi citizens’ minimum salaries by 33 percent and said it would be enforced after five months. He did not, however, state when the decision would take effect.

The ministry explained that if a company employee earns a monthly salary of less than the newly fixed minimum wage, the company’s work quota for Saudi nationals would not be counted. He added that if a Saudi worker earned a monthly wage of between 3,000 and 4,000 riyals, half the workers of the company would be considered.

The Ministry’s latest ruling would also extend to part-time or working Saudi students, or to those who, due to their other expenses, work for salaries at their chosen time. The goal of the decision is to encourage more Saudi nationals to work in the private sector, as well as to protect their rights to jobs. A minimum wage increase has been declared by the Ministry of Human Resources and Social Welfare at a time when Saudi Arabia is hosting the G20 summit of the world’s 20 largest economies.