Saudi chops wage, benefit bill in delicate pursuit of austerity

Saudi chops wage, benefit bill in delicate pursuit of austerity
 

A decision to slash ministerial pay by a fifth reflects Saudi Arabia's resolve to nudge its citizens into tolerating a fall in living standards at a time of low oil prices.
Along with reductions unveiled on Monday that will affect all public sector workers, the cuts also flag to financial markets before a debut sovereign bond issue that the oil exporter is committed to budget discipline.
The measures appear largely to formalise savings introduced ad hoc in parts of the state apparatus since last year, but their announcement on state media, which gave an official start date of Oct 1., is not... read more

 
27 September 2016 in Business, Views: 46
Source: Reuters
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