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Saudi Arabia's SABIC Raises Wages by 6 Pct -Report - ASHARQ AL-AWSAT English Archive
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RIYADH (Reuters) – Saudi Basic Industries Corp. , the world’s largest petrochemical firm by market value, has decided to increase wages by 6 percent, a newspaper reported on Sunday.

The decision, made at a board meeting, would also increase the minimum housing allowance of SABIC employees to 20,000 riyals a year, al-Watan newspaper said, without giving a comparative figure.

It did not say how it got the information or how much the increase would cost.

SABIC’s chief financial officer, Mutlaq al-Morished, could not be reached for comment.

State-controlled SABIC posted its fourth straight record profit in the second quarter on higher chemical prices and output.

With inflation rising at its fastest pace in seven years in July, employers are under growing pressure to raise wages.

The Saudi Human Rights National Society urged the government this month to raise wages and pensions to help mainly low-income households cope with inflation, which rose in July to 3.83 percent.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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