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

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



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.