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Bonus for all employees announced by SEC.

Saudi Electricity to pay $149m in bonuses

DOHA, February 2, 2015

Saudi Electricity Company will distribute SR545 million ($149 million) among Saudi employees following the new king's order for state-run institutions to pay bonuses, the Gulf's largest utility said on Monday.

Last week, Saudi Arabia's King Salman ordered the immediate payment of two months of bonus salary to all state employees and pension to retired government workers, in a string of decrees which also reorganised the economic policy-making apparatus.

"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.

The government owns 81 per cent of Saudi Electricity, according to Reuters data.

The company added that the bonus paid to each staff member would not exceed SR50,000.

King Salman's announcement did not give a monetary figure, but Saudi Arabia's SR860 billion ($229 billion) state budget plan for 2015 said salaries, wages and allowances would comprise 50 per cent of total spending. - Reuters




Tags: Saudi | bonus | SEC | King Salman |

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