Saudi pledged to pay part of the wages of nationals working in the private sector, aiming to prevent companies from laying off employees. The compensation will apply to 100% of Saudis working in companies with 5 Saudi workers or less, and 70% of Saudis working in companies with over 5 Saudi workers or more.
Saudi vowed to allocate 9 billion riyals to limit the impact of Covid-19 on the private sector and Saudi workers. Instead of terminating the contract of a Saudi worker, the decision allows the employer to apply for a compensation request to the General Organization for Social Insurance for its workers. The government will then pay 60% of the Saudi employees' wages, for three months and a maximum of 9,000 riyals a month. Source: https://lnkd.in/gDz4Qsk ??Lynn Chouman
Saudi Arabia is going to subsidize salaries for struggling companies to avert layoffs under a package that would benefit 1.2 mn Saudi nationals, according to Bloomberg, which notes that “business owners can request monthly compensation amounting to 60% of the employee’s salary for the next three months.” #saudiarabia #goodpolicy #covid19