Saudi wages rise 45% as unemployment hits historic low of 3.3% in 2024

Dubai: Wages for Saudis in the private sector rose by 45 per cent in 2024, as Saudi Arabia’s Ministry of Human Resources and Social Development reported significant strides in employment, women’s empowerment, and economic development aligned with Vision 2030 targets.

The ministry highlighted the impact of women’s increased economic participation, with their labour market engagement rising to 35.8 per cent, surpassing Vision 2030 goals.

Women now hold 43 per cent of middle and senior management positions. “The increase in wages and the rise in women’s workforce participation demonstrate a growing appreciation for national competencies and our efforts to improve productivity while fostering a balanced work environment,” the ministry said in a statement.

The private sector employed 2.4 million Saudis in 2024, including 361,000 new entrants to the labour market. It accounted for 50.5 per cent of total citizen employment.

Unemployment reached a historic low, with a total rate of 3.3 per cent, placing Saudi Arabia fifth among G20 nations, and the unemployment rate for Saudis fell to 7.1 per cent, six years ahead of Vision 2030 targets.

The ministry attributed its success to various initiatives, including Waad, a national training campaign offering 1.3 million training opportunities, and Jadarat, the unified national employment platform, which listed over 210,000 job vacancies at an average of 700 new postings daily.

On the global front, Saudi Arabia ranked 16th in the Social Responsibility Index according to the IMD World Competitiveness Yearbook.

Corporate contributions to social spending reached 4.15 per cent, with over SR4 billion invested by the private sector through the National Social Responsibility Platform.

In 2024, the ministry also advanced digital transformation, reducing branch visits by 74 per cent while expanding automated digital services to 1,000, comprising 80 per cent of total services provided.