RIYADH: Saudi Arabia’s Citizen Account Program deposited SR1.9 billion ($506 million) into the accounts of 10.5 million beneficiaries for July. Total compensation for the previous installment, paid retroactively, stood at SR35 million.
The national scheme was created to protect Saudi households from the direct, indirect and expected impacts of the various economic reforms taking place in the Kingdom through monthly cash transfers into their accounts.
The cash transfer program has distributed SR99 billion in payments since it was launched in December 2017.
Sultan Al-Qahtani, the program’s spokesman, said that 77 percent of the total beneficiaries received full benefits, with an average support of SR1,055 per household.
Heads of household reached more than 2 million, constituting 93 percent of total number of beneficiaries, while dependents amounted to more than 8.3 million.
The cost-of-living supplements for Saudi citizens are based on a household’s total monthly income and the number of people living in the property, as well as their age.
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