The average monthly wages of Saudis working in the private sector increased 45 per cent during the past five years

According to the most recent statistics provided by the National Labour Observatory, the average monthly salary of Saudis employed in the private sector increased by 45 per cent over the previous five years, rising from SR6600 in 2018 to SR9600 in 2023. The Observatory attributed this to a number of factors, including the Kingdom's strong economic growth and reforms since the beginning of the programmes and initiatives under the Kingdom's Vision 2030, as well as the success of the support packages offered by government agencies to the business sector during the coronavirus pandemic, as well as the support and stimulation for competitiveness being received by the private sector and the high attractiveness a country has in the global market.

The research states that from 84700 residents in 2018 to 202700 citizens in 2019, there was a 139 percent rise in the number of citizens earning more than SR20,000 within the same time period. This, according to the observatory, is a result of increased labour market and job-quality skills, a desirable work environment, and a strong demand for specialised occupations.

According to the research, the number of people earning more than SR4000 increased by 172% during the same time period, from 16,000 people in 2018 to 44,000 people in 2023. The rise in the number of persons with leadership abilities, the high need for competences in significant projects and businesses, as well as the increasing demand for specialised employment, were all cited as contributing factors. It is noteworthy that the National Labour Observatory has been activated as the primary and trustworthy source of labour market data and visuals. Through accurate data, indicators, reports, and studies, the National Labour Observatory supports decision-making and offers a variety of specialised products in the labour market that make it possible to predict the future of the workforce.