ALBAWABA- Saudi Arabia's National Labor Observatory reports a substantial 45% surge in the average wages of private-sector Saudi workers over the past five years.
Salaries for Saudi private sector employees have risen from SAR 6,600 ($1,760) in 2018 to SAR 9,600 ($2,560) in 2023.
According to a report of Gulf News, this surge is credited to the economic expansion and reforms driven by Saudi Vision 2030 initiatives.
The report also reveals a 139% increase in the number of citizens earning above SAR 20,000 ($5,330), soaring from 84.7 thousand in 2018 to 202.7 thousand in 2023.
This is fueled by improved skills aligning with the labor market, enhanced job quality, a more efficient work environment, and heightened demand for specialized roles.
Furthermore, the report indicates a 172% rise in the number of citizens earning over SAR 40,000 ($10,660), growing from 16 thousand in 2018 to 44 thousand in 2023.
This is attributed to the development of leadership skills among Saudi citizens, increased demand for competencies in major projects and companies, and a surge in specialized role opportunities.
Recent years have witnessed robust growth in Saudi private sector companies, especially those not involved in oil production, due to increased production and orders.
This aligns with the Kingdom's economic diversification strategy, driven by a substantial boost in production and new orders, compelling companies to accelerate procurement activities to meet rising inventory support demands, as outlined in a recent Riyadh Bank report.
