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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
The survey said that 20 percent of workers in the UAE earn between $5,000 and $10,000 per month, while 7 percent made more than $10,000 per month.
Overall, in the region, the survey found that banking and finance has the highest number of top earners.
According to Reed, a global recruitment agency, a finance manager in Dubai earns between AED225,000 ($61,200) and AED375,000 ($102,000) per year, while a finance director makes between AED350,000 ($95,200)and AED575,000 ($156,500) per year.
Middle East bankers have seen salary packages fall by an average of less than 10 percent, compared to the global average of 55 percent, according to the Napier Scott Search Salary & Bonus Survey released in April this year. Reed’s report explains that regional bankers’ salaries were only reduced marginally because their salaries were lower than the global average.
Analysts have also said that salaries in the region’s technology sector have fallen between 20 percent and 40 percent over the last year because of the economic downturn.
“We do not foresee a change this year and it will most likely be 2010 before rates improve,” Peter Spaans, HR manager at Hewlett Packard ME, told Emirates Business. “The economic downturn and subsequent correction of rental prices have caused a decrease in remuneration for job seekers. It is better to have a job with lower pay than no job.”
Have you seen severe salary cuts? Do you think incomes will improve for you anytime soon?
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