عربي English Türkçe اردو فارسى
Logo
Latest News
Business

HRDF Provides 30% of Salaries of Saudis Working in Private Sector

HRDF Provides 30% of Salaries of Saudis Working in Private Sector
TT
TT

HRDF Provides 30% of Salaries of Saudis Working in Private Sector

HRDF Provides 30% of Salaries of Saudis Working in Private Sector

The Human Resources Development Fund (HRDF ) provides 30% of the salaries of male and female Saudis working in private sector establishments in the first year in order to stimulate localization, raise the participation of male and female citizens in the labor market and provide them with skills needed by the market, the Saudi Press Agency (SPA) reported.

HRDF approved program support controls by directing 70 % of support for employment and 30% for training support, the period of financial support for the employee's salary extends for 36 months, at a rate of 30% of the monthly salary for the first year of support, 20% for the second year, and 10% for the third year.

Also, an additional percentage of support will be added when the establishment employs females or persons with disabilities, employs in small towns and villages, and if the size of the establishment is 50 workers or less.

According to SPA, the program also targets the two categories of jobs available in private sector establishments, namely male and female job seekers, who have not worked for more than 90 days and newly graduates.

Most Viewed

 
 
Business

Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
TT
TT

Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

The Iranian rial on Wednesday fell to its lowest level in history, losing more than 10% of value since Donald Trump won the US presidential election in November and signaling new challenges for Tehran as it remains locked in the wars raging in the Middle East.

The rial traded at 777,000 rials to the dollar, traders in Tehran said, down from 703,000 rials on the day Trump won.

Iran’s Central Bank has in the past flooded the market with more hard currencies in an attempt to improve the rate.

In an interview with state television Tuesday night, Central Bank Gov. Mohammad Reza Farzin said that the supply of foreign currency would increase and the exchange rate would be stabilized. He said that $220 million had been injected into the currency market, The AP reported.

The currency plunged as Iran ordered the closure of schools, universities, and government offices on Wednesday due to a worsening energy crisis exacerbated by harsh winter conditions. The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution.

Despite Iran’s vast natural gas and oil reserves, years of underinvestment and sanctions have left the energy sector ill-prepared for seasonal surges, leading to rolling blackouts and gas shortages.

In 2015, during Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and began his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

Tensions still remain high between the nations, 45 years after the 1979 US Embassy takeover and the 444-day hostage crisis that followed. Before the revolution, the rial traded at 70 for $1.