|02-03-2015, 02:03 AM||#1|
Saudi Arabia`s largest companies announce bonuses after King Salman`s order
Some of the largest companies in Saudi Arabia announced on Monday that they will tread on the heels of the new King and pay millions of dollars in bonuses to their employees.
On Thursday, the new Saudi King Salman announced that state employees and retired government workers would received two months of bonus salary and pension.
"The Saudi Electricity Company has decided to grant two months` salary for all key Saudi staff and trainees," the company said in a statement to the kingdom`s stock exchange, adding that the bonus paid to each staff member would not exceed 50,000 riyals.
In a bourse statement on Monday, Saudi Electricity Co said it will pay out SAR545 million ($149 million) for its Saudi employees. Note that the government owns 81% of Saudi Electricity, which is also the region’s largest utility firm.
Saudi Telecom Co (STC), also 70% government-owned, announced the payout of a bonus SAR395 million to its Saudi employees, which it said would be recorded in its first-quarter bookings.
State-fund-owned Southern Province Cement also said it would pay an extra two-month salary to Saudi nationals and half a month’s pay to non-Saudi employees.
Stock markets will take this as very good news as it means that government spending, as well as spending of government-backed companies, will not be remotely affected by the rout in oil prices.
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