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FINANCIAL NEWS
Saudi Arabia pushes private sector to pay more to Saudis
10 Sep 2012
(MENAFN) In its efforts to involve more Saudi nationals in the private sector, Saudi authorities told private companies to pay Saudi workers as much as their state-employed peers, Reuters reported.
Labour Minister Adel al-Fakeih announced that starting from February next year, Saudi workers who are paid less than the public-sector minimum wage of USD800 a month will not be counted fully in the mandated quota of Saudis a company must employ to avoid hefty fines.
The initiative is part of the Kingdom’s wide-ranging labour reforms to tackle a job market where expats dominate nine-tenths of private-sector workers.
While the new rules encourage Saudis to consider work with the private sector by guaranteeing a decent wage, they will also increase costs for companies.
Fakeih also announced other new rules to come into operation in February; part-time Saudi workers will be treated as half workers for the purposes of Nitaqat quotas, while disabled people will count for four able-bodied workers.
In January, Fakeih said the Kingdom needed to create 3 million jobs for Saudi nationals, some of which could be achieved through replacing expatriate workers.
The Kingdom is also planning to enforce a two-day weekend for private companies, the ministry said recently.
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