The Saudi government has issued guidelines regarding the placement of Saudi youth in the accounting sector, which states that the proportion of Saudis in the institutions should be 30 percent.
In this regard, the Saudi Minister of Manpower and Social Welfare, Engineer Ahmad Salman Al-Rajhi, has said that 30 percent Saudization will be done in the accounting sector to speed up the process of Saudization.
According to the Saudi media, in a statement released by the Minister of Manpower, it has been said that the ratio of Saudis should be 30 percent in organizations where the number of accounting staff is 5 or more.
Determining the minimum salary of Saudi workers to be appointed in the accounts department, the Minister of Manpower said that a graduate Saudi cannot be appointed for a minimum salary of 6 thousand while diploma holders cannot be appointed for a salary less than 4 thousand 500 riyals. .
With regard to the law on the appointment of Saudis in the field of accounting in small enterprises, the Ministry of Manpower said that the newly issued rules will provide employment opportunities for 9,800 more Saudis in the private sector, which are being worked by foreigners.
The Ministry of Manpower has already earmarked important positions in accounting in large organizations, including chief accounts officer, tax director, finance director, internal auditor and cashiers, for Saudis.
It should be noted that the process of Saudization in the accounts sector has been going on for a long time in a phased manner. Foreign workers cannot be posted in accounts department in large organizations.
#Instructions #issued #appointment #Saudi #youth #accounting #sector #Saudi #government
2024-09-13 09:17:09
What are the goals of the Saudization initiative in the accounting sector under Saudi Arabia’s Vision 2030?
Table of Contents
Saudization in the Accounting Sector: A Step towards Nationalization
The Saudi government has taken a significant step towards nationalization by issuing guidelines for the placement of Saudi youth in the accounting sector. According to the new regulations, the proportion of Saudis in institutions should be at least 30 percent [[1]]. This move is part of the government’s Vision 2030, which aims to reduce the country’s dependence on foreign labor and increase the participation of Saudi nationals in the workforce.
The Rationale behind Saudization
The Saudization initiative is designed to address the country’s high unemployment rate among Saudi youth. By reserving a minimum of 30 percent of accounting jobs for Saudi nationals, the government aims to provide employment opportunities for thousands of young Saudis. This move is also expected to improve the quality and efficiency of the expat workforce in the accounting sector, ultimately benefiting the national economy [[3]].
Implementation and Compliance
The Ministry of Human Resources and Social Development has implemented a 30 percent localization of the accounting profession, which applies to organizations with five or more accounting staff [[2]]. To ensure compliance, the Ministry has also set minimum salary requirements for Saudi workers in the accounts department. Graduate Saudis cannot be appointed for a minimum salary of less than 6,000 riyals, while diploma holders cannot be appointed for a salary less than 4,500 riyals.
Impact on Small Enterprises
The newly issued rules are expected to provide employment opportunities for an additional 9,800 Saudis in the private sector, which are currently dominated by foreign workers. This move is likely to have a positive impact on small enterprises, which will be required to allocate a minimum of 30 percent of their accounting staff to Saudi nationals.
Simplifying Compliance with RemotePass
Businesses operating in Saudi Arabia may face challenges in complying with the new Saudization regulations. However, with the help of RemotePass’s EOR services, they can simplify the process and ensure compliance with the quotas and minimum salary requirements [[1]]. RemotePass offers a comprehensive guide to Saudization requirements, KSA compliance challenges, and how their EOR services can support businesses in navigating the complexities of the Saudization process.
the Saudi government’s initiative to increase the proportion of Saudi nationals in the accounting sector is a significant step towards nationalization and Vision 2030. With the implementation of the 30 percent Saudization quota, the government aims to provide employment opportunities for thousands of young Saudis and improve the quality and efficiency of the expat workforce in the accounting sector.
Saudization in the Accounting Sector: A Step towards Nationalization
The Saudi government has taken a significant step towards nationalization by issuing guidelines for the placement of Saudi youth in the accounting sector. According to the new regulations, the proportion of Saudis in institutions should be at least 30 percent [[1]]. This move is part of the government’s Vision 2030, which aims to reduce the country’s dependence on foreign labor and increase the participation of Saudi nationals in the workforce.
The Rationale behind Saudization
The Saudization initiative is designed to address the country’s high unemployment rate among Saudi youth. By reserving a minimum of 30 percent of accounting jobs for Saudi nationals, the government aims to provide employment opportunities for thousands of young Saudis. This move is also expected to improve the quality and efficiency of the expat workforce in the accounting sector, ultimately benefiting the national economy [[3]].
Implementation and Compliance
The Ministry of Human Resources and Social Development has implemented a 30 percent localization of the accounting profession, which applies to organizations with five or more accounting staff [[2]]. To ensure compliance, the Ministry has also set minimum salary requirements for Saudi workers in the accounts department. Graduate Saudis cannot be appointed for a minimum salary of less than 6,000 riyals, while diploma holders cannot be appointed for a salary less than 4,500 riyals.
Impact on Small Enterprises
The newly issued rules are expected to provide employment opportunities for an additional 9,800 Saudis in the private sector, which are currently dominated by foreign workers. This move is likely to have a positive impact on small enterprises, which will be required to allocate a minimum of 30 percent of their accounting staff to Saudi nationals.
Simplifying Compliance with RemotePass
Businesses operating in Saudi Arabia may face challenges in complying with the new Saudization regulations. However, with the help of RemotePass’s EOR services, they can simplify the process and ensure compliance with the quotas and minimum salary requirements [[1]]. RemotePass offers a comprehensive guide to Saudization requirements, KSA compliance challenges, and how their EOR services can support businesses in navigating the complexities of the Saudization process.
the Saudization initiative in the accounting sector is a significant step towards nationalization and is expected to have a positive impact on the Saudi economy. By implementing these guidelines, the government aims to provide employment opportunities for Saudi youth, improve the quality of the workforce, and reduce the country’s dependence on foreign labor.
