Salaries in Saudi Arabia to increase this Year 2024

Salaries in Saudi Arabia to increase this Year 2024

 

Salaries in Saudi Arabia to increase this Year : There will be a 6% average salary increase in Saudi Arabia in the year 2024, according to a survey released this week. Join Now : Now you can Join our WhatsApp channel, Hurry Up before its full

The predictions are made in light of the fact that the Kingdom is working hard, through Saudi Vision 2030, to diversify its economy away from hydrocarbons, and that the demand for skills is rising.

– Recruitment expert Cooper Fitch claims that Saudi Arabia is still very much focused on development. Recent megaprojects established by the Kingdom, such as AlUla, the Red Sea Project, and a city Neom, each costing $500 billion (Dh1.8 trillion), have boosted the demand for global talent.

– As part of the aim to construct projects worth more than USD 1 trillion (Dh 3.67 trillion), the Ministry of Finance announced in its 2024 budget statement that 1.12 million jobs were created in the private sector in last year.

Female Employees (Salaries in Saudi Arabia ) :

The ministry noted in the budget report that “women’s participation rates in the labor market rose steadily,” with the rate increasing to 35% in the second quarter of the year 2023, surpassing the 30% target set by Saudi Vision 2030. Most Viewed : Delaying a salary of a worker in Saudi Arabia is a violation of Labor Law

– The hiring boom will likely continue this year due to the ongoing inflow of women into the workforce. An increasing number of women are joining the Saudi workforce, which is a sign of how important and successful it is.

Visa Programs (Salaries in Saudi Arabia) :

In an effort to foster more job possibilities and better transfer of knowledge, Saudi Arabia introduced 5 new visa categories for investors and qualified professionals. Residence permits for real estate owners, investors, entrepreneurs, and extraordinary talents are among the new categories.

– According to the research, salaries in Saudi Arabia rise is sector-specific, productivity-dependent, and dependent upon the available compensation budget. The Cooper Fitch analysis found that in the year 2024, salary increases will be enforced by over 50% of the employers reviewed.

– Sixty percent of businesses plan to hire more people in the year 2024, while 29 percent said they will lay off workers.

– Remuneration and recruitment have been positively affected by Saudi Arabia’s portfolio of giga projects and the development of new industries, like electric vehicles, in the past year, according to Vilius Dobilaitis, managing partner of finance, sales and marketing at Cooper Fitch. This is in line with Saudi Vision 2030. Recommend : Saudi Arabia sold 1.8 billion riyals cinema tickets

Are yearly bonuses still being offered in the year 2024 in Saudi Arabia?

While 22% of companies will not be paying bonuses in the year 2023, 78% of those that participated in the Cooper Fitch study intend to do so in the year 2024.

– Among the businesses that have announced their intention to pay bonuses, 24% will increase employees compensation by one month, 21% by two months, and 18% by three months.

– The consultancy and construction industries are home to the majority of the businesses who have decided not to offer bonuses.

What kinds of benefits workers can expect in Saudi Arabia?

Health insurance, paid leave, and an end-of-service gratuity are all required benefits in the Kingdom. However, a survey by Zurich International Life, a Swiss insurer, found that wellness, workplace savings, education, child education allowances, and flexibility are becoming more important. Read : Visitors enjoys Snowfall in Neom’s Torjena mountains

– Attracted by higher salaries in Saudi Arabia, better benefits, and more prospects for career growth, nearly 25% of workers have changed jobs in the last year.

– An overwhelming majority of those surveyed (84%), if given the chance, would choose a lower-paying position with better benefits.

In terms of job demand, which industries are the most popular?

A LinkedIn poll found that the most rapidly expanding occupations in Saudi Arabia include those involving patient care technicians, information system analysts, health and safety managers, human resources operations professionals, and building information modeling coordinators.

– Michael Page, an expert in recruitment, also claims that real estate consultant services have seen significant increase in Saudi Arabia.

– “Major real estate consultants have been enhancing their local teams to better address the evolving needs of their clients, as Saudi Arabia’s demand for these services has shown consistent year-on-year expansion,” Michael Page says in its 2024 UAE salary guide, which compares the two markets. Saudi Expatriates is now on Telegram, join our channel now