Saudi Arabia Advances 10 Ranks Internationally in Gender Pay Gap

The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
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Saudi Arabia Advances 10 Ranks Internationally in Gender Pay Gap

The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)
The Saudi government has enacted many laws to improve the labor market and enhance women’s participation in various sectors. (Asharq Al-Awsat)

Saudi Arabia has achieved remarkable progress in the fields of training and gender balance in the labor market, after it approved several regulations and legislation for the development of human capabilities and women empowerment.

Last year, Crown Prince Mohammad bin Salman launched the Human Capacity Development Program, within the Kingdom’s Vision 2030, which constitutes a national strategy aimed at enhancing the competitiveness of national capabilities at the local and global levels.

Pointing to the global report on the gender gap, which was recently issued by the World Economic Forum, the Ministry of Human Resources and Social Development (MHRSD) said that Saudi Arabia advanced 10 places in the index of equal wages for similar work for both genders, to achieve the 16th place worldwide, and 12 places in terms of the percentage of women’s participation in the labor force.

With regard to training, the Kingdom jumped 22 ranks in the employee training index to achieve the 14th place globally, and 12 ranks in vocational training, to occupy the 9th rank in this indicator, according to the IMD World Competitiveness Yearbook (WCY).

The Saudi Council of Ministers has recently approved the adoption of the national policy to encourage equal opportunities and equal treatment in employment, which aims to eliminate any discrimination in this field.

The percentage of women’s participation in the local labor market during the past year reached 37 percent, exceeding the target of 30 percent, which was set within Vision 2030.

The MHRSD recently announced that the percentage of commitment to the new decisions and regulations by establishments operating in the labor market reached 98 percent, while the percentage of commitment to wage protection reached 80 percent. The rate of the amicable settlement of labor disputes rose to 74 percent.



Gold Firms as US Tariff Uncertainty, Cooler Inflation Data Lend Support

An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Firms as US Tariff Uncertainty, Cooler Inflation Data Lend Support

An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices edged up on Thursday as persisting uncertainty over tariffs drove safe-haven demand, while a cooler-than-expected US inflation print supported the dollar by bolstering rate cuts expectations.
Spot gold gained 0.1% to $2,934.08 an ounce as of 0745 GMT, while US gold futures eased 0.1% to $2,943.70.
"I think $3,000 is the next logical target, likely to be reached sometime over the next several months," said Marex analyst Edward Meir.
"The CPI data was encouraging but I suspect that the tariff increase has yet to be picked up in the inflation data."
The US consumer price index increased less than expected last month, data showed, but the improvement is likely temporary given the aggressive US import tariffs, which are expected to make most goods more expensive in the months ahead.
Lower inflation leaves more room for the Federal Reserve to cut rates and non-yielding gold thrives in a low-interest rate setting.
Earlier this month, US President Donald Trump triggered a trade war, increasing the tariffs on goods from China to 20% and imposing a new 25% duty on Canadian and Mexican imports.
He later dialed back, providing a one-month exemption for any goods that meet the rules of origin under the US-Mexico-Canada Agreement on trade.
Trump also reversed course on a pledge to double tariffs on steel and aluminium from Canada to 50%, hours after announcing the higher tariffs.
The tariffs are widely expected to stoke inflation and economic uncertainty and had pushed gold to a record high of $2,956.15 on February 24.
Investors now await the US Producer Price Index (PPI) data due at 1230 GMT for further insights into the Fed's monetary policy.
Spot silver fell 0.8% to $32.97 an ounce, platinum lost 0.7% to $977.05 and palladium shed 0.5% to $943.72.