The rate of Saudi workers in the private sector recorded a 35 per cent jump during the past five years, a Saudi Arabian minister said.
In absolute terms, the number of Saudi workers in the private sector reached 2.34 million currently from 1.7 million in 2019, Minister of Human Resources and Social Development Ahmed Al-Rajhi said.
Chairing a panel discussion at the Riyadh Economic Forum on Tuesday, the minister, however, said there has been a decline in the overall unemployment rate to 3.3 per cent in the second quarter of 2024, compared to 5.6 per cent in the same period in 2019.
“The unemployment rate among Saudis dropped to 7.1 per cent in Q2 2024, compared to 12.3 per cent during the same period in 2019,” Al-Rajhi said.
He said the overall economic participation rose from 57.9 per cent in 2019 to 66.2 per cent in 2024, with Saudi males’ participation growing from 45 per cent in 2019 to 50.8 per cent in 2024, and female participation from 23.2 per cent to 35.4 per cent in the same period.
Al-Rajhi also said the private sector compliance with the Wage Protection System (WPS) also recorded an impressive uptick, reaching 87.6 per cent in 2023, surpassing the 75.5 per cent target.
He said the Kingdom advanced 23 places in the Labor Regulations Index, reaching 22nd globally, and climbed 22 places in the Skilled Labor Index, to secure 19th place globally.
“The Kingdom rose 18 places in the Workforce Productivity Index, attaining 11th place globally.
“In the Equal Pay for Work of Equal Value Index, the Kingdom placed 15th globally,” he said.
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