Saudi Arabia: Important decision on allowances returned retroactively

A circular issued Wednesday confirmed that banks and finance companies should abide. (Reuters)

The Saudi Arabian Monetary Agency confirmed that the allowances, benefits and financial rewards returned to the employees of the State shall not be affected retroactively under the Royal Order.

According to the Saudi Press Agency (SPA), banks and finance companies cannot reserve the returned amounts by booking or deducting them.

A circular issued Wednesday confirmed that banks and finance companies should abide.

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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