There has been a steady rise in the nationalization rate in the Saudi private sector over the years, according to the National Labor Observatory. (Reuters/File Photo)
Riyadh:The National Labour Observatory (NLO) of the Human Resources Development Fund (HRDF) in Saudi Arabia confirmed the increase in the rate of nationalisation in private sector during the third quarter of 2020.
Statistics according to NLO shows the percent of the total private sector workers as 21.54, 20.40, 19.43, 17.08, 16.33 in third quarter of the years 2020, 2019, 2018, 2017, 2016 respectively.
The Observatory quantified the number of Saudi private sector social insurance participants in the third quarter of this year were 1,759,558 of the total participants, an increase of 81,430 compared to the second quarter of the same year (2020), including 66.74 percent of males and 33.26 percent female.
The Eastern Province topped in job settlement with 25.16 percent, followed by Riyadh with 21.89 percent, Makkah and Madinah with percent of 21.47 and 19.27 respectively, and Asir at 17.85.
The strategic objectives of the Observatory are to provide accurate data to all clients, provide analysis and insights to business partners, build a network of experts and specialists to meet the challenges of the labor market.
According to the data, unemployment among Saudi youth in the country was 42 percent in 2014. NLO was launched by HRDF as Saudi Arabia's labour market initiative in January last year.