Saudi salaries to jump 4.5% in 2019 as jobless rate falls

Saudi salaries are expected to rise next year in tandem with employment levels. (Reuters)
Updated 28 November 2018

Saudi salaries to jump 4.5% in 2019 as jobless rate falls

  • Saudi Arabia’s GDP is expected to grow to 3.6 percent in 2019, compared to 1.3 pecent in 2018
  • Annual base salaries have witnessed a year-on-year growth on executive, managerial and professional levels

LONDON: Saudi salaries are expected to rise by 4.5 percent next year as the overall unemployment rates hits its lowest level in years, according to a report from Mercer.
The Total Remuneration Survey 2018 questioned 450 local and multinational organizations operating within the Saudi market.
Saudi Arabia’s GDP is expected to grow to 3.6 percent in 2019, compared to 1.3 pecent in 2018, Mercer said. This is expected to have positive results on creating additional jobs in the near future, slightly enhancing salaries for Saudi nationals and decreasing the overall national unemployment rate
Additionally, annual base salaries have witnessed a year-on-year growth on executive, managerial and professional levels and are expected to increase by an average of 5 percent in 2019, Mercer said.
However, blue-collar level salaries have declined by an average of 1 percent this year.
“The KSA market is currently thriving and is expected to continue to do so over the coming years,” said Abdulaziz Alajlan, Saudi career products leader at Mercer. “There have been major changes that are positively impacting the way corporations operate, such as strengthening female labor force participation. Sectors are continuing to evolve and progress as we move toward fulfilling the Saudi 2030 Vision, which is increasing employment opportunities for nationals and highly skilled expats.”
Mercer’s survey also revealed that the overall unemployment rate for Saudi women in KSA has decreased gradually due to a rise in female participation in the labor market in 2018.
Mercer expects the overall unemployment rate to reach its lowest level in five years in 2019.


Britain, EU tell each other to move on trade

Updated 20 October 2020

Britain, EU tell each other to move on trade

  • Both sides call on each other to protect billions of dollars of trade between the neighbors

BRUSSELS: Britain and the EU said on Monday the door was still open for a deal on their post-Brexit relationship, calling on each other to compromise to find a way to protect billions of dollars of trade between the neighbors.

With just over two months before Britain ends a status quo transition arrangement with the EU, talks on a trade deal are deadlocked, with neither wanting to move first to offer concessions.

A no-deal finale to Britain’s five-year Brexit drama would disrupt the operations of manufacturers, retailers, farmers and nearly every other sector — just as the economic hit from the coronavirus pandemic worsens.

European Commission Vice President Maros Sefcovic repeated on Monday that the EU still wanted a trade deal but not “at any cost” after British Prime Minister Boris Johnson said on Friday there was no point in continuing talks.

“It has to be a fair agreement for both sides — we are not going to sign an agreement at any cost,” Sefcovic told reporters after meeting Michael Gove, Britain’s point man on the existing divorce agreement, in London.

“The EU is ready to work until the last minute for a good agreement for both parties,” Sefcovic said.

Britain, increasingly frustrated by the EU’s refusal to start text-based talks, called on the bloc to make the first move, with its housing minister saying that Brussels only had to make “some relatively small but important changes.”

Housing Secretary Robert Jenrick called on the EU to “go that extra mile, to come closer to us on the points that remain for discussion.”

A spokesman for Johnson again ruled out prolonging any negotiation beyond the end of this year, when the transition period runs out, saying the EU “must be ready to discuss the detailed legal text of a treaty in all areas with a genuine wish to respect UK sovereignty and independence.”

EU chief negotiator Michel Barnier had been due in London for talks with British counterpart David Frost this week. Instead, they will now speak by telephone on Monday to discuss the structure of future talks, Barnier’s spokesman said.

Negotiations broke down on Thursday, when the EU demanded Britain give ground. Issues still to be resolved include fair competition rules, including state aid and fisheries. EU diplomats and officials cast Johnson’s move as a frantic bid to secure concessions before a last-minute deal was done, and European leaders have asked Barnier to continue talks.

British officials have repeatedly said any deal has to honor Britain’s new status as a sovereign country and not try to tie it to EU rules and regulations.

German Chancellor Angela Merkel said compromises on both sides would be needed. French President Emmanuel Macron said Britain needed a deal more than the 27-nation EU.

Britain is launching a campaign this week urging businesses to step up preparations for a no-deal departure. In a statement accompanying the launch, Gove says: “Make no mistake, there are changes coming in just 75 days and time is running out for businesses to act.”

More than 70 British business groups representing over 7 million workers on Sunday urged politicians to get back to the negotiating table next week and strike a deal.