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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 2024

Salaries in Saudi Arabia to increase this year 2024

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In 2024, average salaries in Saudi Arabia are expected to increase by approximately 6%, reflecting the Kingdom’s commitment to diversifying its economy and fostering an efficient workforce.

Economic Diversification:
Saudi Arabia is actively working on projects like Vision 2030 to reduce dependence on oil. Initiatives such as The Neom, the Red Sea Project, and AlUla are driving demand for workers, contributing to salary growth.

Job Creation and Private Sector Expansion:
As part of a comprehensive plan, Saudi Arabia generated 1.12 million jobs in the private sector within a year. This growth is amplified by increasing female participation in the workforce, surpassing Vision 2030 goals.

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Saudi Arabia’s Visa Program and Job Opportunities:
The introduction of five different visas is aimed at individuals with skills and investment potential, promoting knowledge transfer and job opportunities. Global employers are optimistic about salary increases in 2024, with over half planning raises.

Company Strategies and Workforce Trends:
Approximately 60% of companies plan to expand their workforce in 2024, while 29% anticipate reductions. Mega-projects and emerging industries, like electric vehicles, positively impact recruitment and compensation.

Annual Bonuses and Financial Performance:
Many companies plan to provide annual bonuses based on 2023 financial performance, ranging from one to three months’ salary. However, some sectors, notably construction and consulting, are less likely to offer bonuses.

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Employee Benefits and Well-being:
Apart from mandatory benefits like health insurance and paid leave, there is a growing focus on employee well-being, workplace savings, and education allowances. Employees are attracted to roles offering better benefits, highlighting the significance of comprehensive packages.

In-Demand Job Sectors:
Roles such as patient care technicians, information system analysts, health and safety managers, and real estate consultancy services are experiencing significant growth in demand.

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