Saudi Arabia’s Human Resources Development Fund (HADAF) has approved a proposal to extend financial support of up to SR10m to private firms that raise salaries of their Saudi employees. The decision is part of the fund’s ongoing efforts to boost Saudization and encourage Saudis to stay in their jobs. According to the decision, the firms will become eligible for financial support only six months after disbursement of increased salaries among Saudi employees. The maximum payment will be SR10m, or 50% of the total salary outlay for the last 12 months, whichever is less. The fund will calculate the salary on the basis of details furnished by the General Organisation for Social Insurance (GOSI). HADAF has set a maximum salary ceiling of SR15,000.
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