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.
- Halal pharmacies: the next big thing?
- Are gold markets becoming more and more polarized?
- If they won't come here, we will bring it there! Behind Lebanon's booming franchise industry abroad
- MENA's advertising industry: Why recent profit declines are making headlines
- Saudi Arabia plans industrial complex around phosphate mine
- MENA workers to get above inflation pay increases
- UAE enterprises forecast 7.7 percent overall increase in salaries for 2004
- Businesses in Qatar are readying themselves for a strong and competitive start to the New Year
- Here comes the pay check: salaries to increase the most in Saudi Arabia
- GCC salaries to trend ahead of inflation