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The average salaries of Saudis working in the private sector increased by 45% over the past five years, reaching about SAR 9,600 in 2023 from SAR 6,600 in 2018, according to data issued by the National Labor Observatory.
The increase in salaries was driven by the economic growth and reforms the Kingdom has witnessed since the launch of Vision 2030 programs and initiatives, as well as the success of the support packages provided by government agencies to the business sector during the pandemic. In addition, the support and stimulus for the private sector and the higher attractiveness and efficiency of the Saudi labor market have supported the hike.
The number of citizens receiving wages of more than SAR 20,000 increased by 139% from 84,700 in 2018 to about 202,700 in 2023, driven by the improvement of skills related to the labor market, the quality of jobs, the efficiency of the work environment and high demand for specialized jobs, according to the data.
Moreover, the number of citizens receiving wages of more than SAR 40,000 increased by 172% from 16,000 in 2018 to 44,000 this year.
The report attributed this increase to leadership skills among citizens, high demand for competencies in major projects and companies, as well as the high demand for specialized jobs.
The National Labor Observatory was launched to be the prime and reliable source of labor market data and insights, which contributes to supporting decision-making through accurate data, indicators, reports, and studies. It provides a set of products specialized in the labor market, which enable anticipating the future of the workforce.
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