Saudi King Cuts Once Untouchable Wage Bill to Save Money
- Salaries of Saudi ministers cut by 20%, Shura members by 15%
- Saudi government decides to curb allowances for state workers
Riyadh, Saudi Arabia.
Photographer: Waseem Obaidi/BloombergThis article is for subscribers only.
Saudi Arabia canceled bonus payments for state employees and cut ministers’ salaries by 20 percent, steps that further spread the burden of shoring up public finances to a population accustomed to years of government largesse.
Stocks tumbled the most in eight months after the government decided to suspend wage increases for the lunar year starting next month and curbed allowances for public-sector employees, according to royal decrees and a cabinet statement. The salaries of members of a legislative body that advises the monarchy were cut by 15 percent.