Saudi Gazette report
RIYADH — Saudi Arabia started implementing the first phase of the decision to raise the localization rate of accounting professions in the private sector by 40 percent, effective from Monday, Oct. 27.
The Ministry of Human Resources and Social Development, in partnership with the Ministry of Commerce, announced that this decision will be applicable to establishments employing five or more accountants.
The minimum wage for the profession has been set at SR6,000 for holders of a bachelor's degree or its equivalent, and SR4,500 for holders of a diploma or its equivalent. This is part of efforts to provide more diverse job opportunities for male and female citizens in all sectors across the Kingdom.
The decision includes raising the percentage of Saudization in 44 diverse accounting professions, most notably financial manager, accounting manager, finance and accounting manager, accounts and budget manager, treasury manager, budget manager, collection manager, treasury manager, certified public accountant, financial controller, and senior financial auditor. The decision will be implemented in five phases over a period of five years, gradually reaching 70 percent.
The Ministry of Human Resources and Social Development confirmed that it has published the procedural guide on its website citing details of the decision and the required Saudization percentages. It called on all establishments to adhere to the implementation to avoid the legal penalties imposed on violators.
This decision complements efforts to localize accounting professions. The Ministry of Commerce will monitor the implementation of the decision in line with labor market needs. Private sector establishments will also benefit from the support and incentive programs offered by the Human Resources and Social Development System, which include support for recruitment, training, qualification, employment, and career continuity. They will also receive priority access to Saudization support programs and the Human Resources Development Fund’s (HADAF) programs.
