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JEDDAH: The payment of the two months' additional salary ordered by Custodian of the Two Holy Mosques King Abdullah to civil and military government employees and higher education students within the Kingdom and abroad began on Wednesday.
Minister of Finance Ibrahim Al-Assaf said, “The payment of the bonus should not be linked to the payment of regular monthly salaries.” He said the ministry has completed all arrangements to carry out the king’s orders concerning the payment of two months’ salaries.
Many private sector companies followed suit announcing additional two months' salaries for their employees.
Al-Assaf said coordination has been carried out with other ministries and government departments to complete necessary arrangements for the payment of the bonus according to employees’ basic salaries. "The payment will be from the budget allocated to each ministry and should not be linked to the pay day of regular salaries at the end of each month," he said.
In a related development, the Saudi Credit Bank has approved an 18-article executive charter containing regulations to finance small and emerging projects.
The regulations make it clear that the bank will finance investment projects not costing more than SR8 million. The charter also includes the terms and conditions for obtaining loans and required guarantees. The bank has asked all its customers to browse the regulations on its website.
Minister of Finance Ibrahim Al-Assaf said, “The payment of the bonus should not be linked to the payment of regular monthly salaries.” He said the ministry has completed all arrangements to carry out the king’s orders concerning the payment of two months’ salaries.
Many private sector companies followed suit announcing additional two months' salaries for their employees.
Al-Assaf said coordination has been carried out with other ministries and government departments to complete necessary arrangements for the payment of the bonus according to employees’ basic salaries. "The payment will be from the budget allocated to each ministry and should not be linked to the pay day of regular salaries at the end of each month," he said.
In a related development, the Saudi Credit Bank has approved an 18-article executive charter containing regulations to finance small and emerging projects.
The regulations make it clear that the bank will finance investment projects not costing more than SR8 million. The charter also includes the terms and conditions for obtaining loans and required guarantees. The bank has asked all its customers to browse the regulations on its website.
