Saudi Arabia: Private Sector Salaries Witness 45% Surge

Saudi Arabia’s Ministry of Human Resources and Social Development has reported a remarkable 45% increase in private sector salaries for Saudi employees during 2024.

According to Saudi media, the ministry highlighted the growing role of women in the private sector, crediting their empowerment for a substantial boost in economic participation. The female workforce now constitutes 43% of the labor market, marking a notable achievement in the Kingdom’s journey toward gender inclusivity.

The ministry’s report revealed that the labor market expanded to 35.8% last year, with private sector employers contributing 50.5% to the employment of Saudi nationals. This growth coincides with a significant decline in unemployment rates, showcasing the positive impact of reforms.

The 45% salary hike has directly improved living standards for private sector employees. The ministry attributed this economic progress to Crown Prince Mohammed bin Salman’s Vision 2030 initiative, which aims to revolutionize various sectors of the Kingdom through comprehensive reforms.

Saudi Arabia’s ongoing efforts to enhance labor market conditions and promote gender equality reflect its commitment to building a more inclusive and prosperous society. The reforms under Vision 2030 continue to pave the way for sustainable economic growth and improved quality of life for its citizens.