Cut in Salaries for Late Payment of Loans

DAMMAM, 31 October 2005 — The extension given to late payments of loans from the Real Estate Development Fund, ended Saturday, reported Al-Madinah newspaper. The Fund will implement the new regulations on those who are late in their payments, which is deducting from their monthly salaries or from the end-of-service benefit and connecting the issuance or renewal of commercial licenses and registrations and the recruiting of expatriate labor with the payments. The deductions will not exceed 30 percent of the total salary. Those with salaries less than SR3,000 are exempt from the deductions but will be followed up.