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How much are you earning?
The UAE has seen salary cuts of around 30 percent in the past year, according to a survey. Has your income been affected?
September 7, 2009 12:19 by Aarti Nagraj
Employees in the UAE have seen average salary cuts of between 26 percent and 30 percent over the last year because of global financial crisis, according to a survey conducted by Emirates Business. However, salary cuts differed between sectors and companies.
“Cuts in salaries reflect the drop in rents and overall inflation. It is more important to consider what remains in the pocket than what one takes home,” a recruitment expert in the banking sector told the paper.
“It is not possible to generalize for all salaries. Senior executives are paid a package and not just a salary. The package was impacted, mostly including the decrease in accommodation cost. Some of the benefits also decreased. Increased competition led to hiring very qualified individuals at normal remuneration at the market levels. So one would probably say that it is the quality that has been improved, instead of saying that the cost for the company [or the salary] has decreased,” said the regional head of an international recruitment company.
According to the GCC Salary Survey released by Bayt.com and YouGov Siraj in January this year, the average salary in the Middle East has risen by more than 15 percent in the last two years. However, the cost of living across the region has increased by an average of 37 percent between December 2007 and December 2008, the report said.
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