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.