RIYADH — There has been an increase of 45 percent in the average monthly wages of Saudis working in the private sector during the past five years, up from SR6600 in 2018 to SR9600 in 2023, according to the latest figures released by the National Labor Observatory.
The Observatory attributed this to a number of factors such as the robust economic growth and reforms the Kingdom has been witnessing since the launch of the programs and initiatives under the Kingdom’s Vision 2030, as well as the success of the support packages provided by government agencies to the business sector during the coronavirus pandemic in addition to the support and stimulation for competitiveness being received by the private sector and the high attractiveness and efficiency of the labor market.
According to the report, the number of citizens receiving wages of more than SR20000 during the same period increased by 139 percent, reaching 202700 citizens during the current year from 84700 citizens in 2018. The observatory attributed this to the improvement of skills related to the labor market and the quality of work, attractive work environment, and high demand for specialized jobs.
The report showed an increase of 172 percent in the number of citizens receiving wages of more than SR40000 during the same period, rising from 16,000 citizens in 2018 to 44,000 citizens in the year 2023. It was attributed to the increase in the leadership skills among citizens, as well as the high demand for competencies in major projects and companies, in addition to high demand for specialized jobs.
It is noteworthy that the National Labor Observatory has been activated to be the main and reliable source of labor market data and visuals, and it contributes to supporting decision-making through accurate data, indicators, reports, and studies, and provides a group of specialized products in the labor market that enable anticipating the future of the workforce.