Average salaries in Saudi Arabia are expected to increase by 4.5% in 2020, global consultancy firm Mercer said in its latest survey.
Life sciences and high-tech industries will register the highest increase. Energy industry will, however, see a projected 3.5 percent increase in 2020, compared to a 3 percent increase this year.
“It is very encouraging to see that a large segment of Saudi employers are looking to increase salaries in 2020,” said Basem Samara, career products leader at Mercer.
The increase in wages is a reflection of a resilient and optimistic economy, he added.
Overall, inflation and unemployment rates in Saudi have continued to decline creating a positive impact on the kingdom’s GDP growth, which is forecast to steadily increase in the coming year.
The survey, based on responses from over 472 companies. According to the survey, the overall hiring outlook in Saudi is also positive, with 52 percent of respondents planning to increase their headcount and 38 percent looking to maintain headcount in 2020.