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FINANCIAL NEWS
Saudi Arabia to launch wage monitoring system
28 Feb 2012
(MENAFN) Saudi Arabia plans a new wage payments monitoring system over the next three as part of its initiative to boost Saudis employment and keep track of foreign workers, Reuters reported.
The scheme will check that monthly salaries paid to Saudi and expatriate employees are paid into their bank accounts correspond to their employment contracts.
Labor Minister Adel Fakieh assured that the move was not designed to slash the size of Saudi Arabia’s huge foreign workforce, and that the government did not plan drastic reductions in the number of visas issued to foreign workers.
He added that this and other steps taken by the government were aimed to cut unemployment among Saudi citizens, now about 10.5 percent, and to boost the number of Saudi citizens employed in the private sector by 50 percent over the next three years.
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