Inflation in the Kingdom has driven down the average monthly pay of Saudi citizens by 10 per cent, from SAR 5,349($1,426) in 2011 to SAR 4,801($1,280) in 2012, a report has said.
According to the survey from Saudi business newspaper Al Eqtisadiah, the salaries of both Saudi men and women declined sharply last year.
However, Saudi male salaries plunged more than females. The average monthly wage packet for men fell by SAR 371, while salaries for women dropped by SAR 211 on average.
Saudi males employed in the private sector earned an average monthly pay of SAR 5,315 by the end of 2012, almost double the amount of their female colleagues, despite the larger reported fall in men’s pay.
Inflation in the Kingdom touched 3.6 per cent at the end of 2012 and has had a negative impact on the average income of the Saudi population.
With the largest population in the GCC and high oil revenues, experts rate Saudi Arabia as a main driver of recruitment in the Middle East.
According to the Gulf Business 2013 Salary Survey, CEOs and managing directors of multinational and local companies earn the highest wages in Saudi and second highest in the entire GCC region.
However, Western CEOs still earned a heftier pay package than their local counterparts, the survey reported.