Government | Thursday 21 December, 2017 2:12 am |

The first payment of the Citizen Account to the eligible Saudis will be released on Thursday.

The amount of the state subsidy depends on the family's income, size and the age of members.

According to the regulations, the payment of subsidy from the Citizen Account will continue for five years but will be evaluated after six months.

The government has allocated SR32 billion for the account in the 2018 budget, which was announced on Tuesday.

The Citizen Account is a national cash transfer program to help Saudis cope with the rising costs of living expected to result from the lifting of state subsidies on fuel and electricity, in addition to the Value Added Tax (VAT).

The creation of the fund was announced in December 2016 and the registration by eligible citizens started in February 2017.

About 13 million Saudis have registered in the account who will receive monthly payments that will help them face the rising costs of living as a result of price increases.

Under the fund's regulations, the dependents who are 18 years of age or above will receive about 50 percent of the support while those under 18 will be paid about 30 percent.

According to the regulations, the minimum monthly payment should not be less than SR300.

The other government subsidies, handouts from welfare societies and other forms of income will not be considered while deciding the eligibility for the fund's payments.