UAE employees: brace yourselves for higher wages
Companies in the UAE are giving their employees average wage increases of 5.2 percent this year, bucking the global trend for limited pay rises, Mercer’s 2013 Total Remuneration Survey (TRS), with a spokesperson for the organization saying that the increases gave workers in the UAE greater purchasing power than their GCC neighbors when taking into account the country’s low inflation rates.
“While salary increases in the UAE are similar to other countries in the region, purchasing power has been rising more quickly due to more controlled inflation in the country relative to the rest of the GCC,” said Nuno Gomes, Mercer’s Information Solutions leader for the Middle East.
The Mercer survey found that although pay rises in the UAE were in-line with Qatar and KSA at 5 percent 5.6 percent respectively, inflation in these countries - excluding housing costs - is higher than the 1.6 percent estimate in the UAE. Qatar’s inflation for 2013 is estimated to be 3 percent, with KSA running at 3.7 percent.
More than 230 companies across various industries were polled for the Mercer survey, which revealed that the above global average pay rises in the UAE form part of a long running trend in the country that has been consistent for a number of years. The highest salary increases were to be found in the energy and life sciences sectors.
- Just BS? Why Israel's anti-BDS law can't really stop BDS internationally
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis