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Pay down, expenses up…
The latest warning is that private sector employees should brace for pay drops in 2011. Along with rising prices, it’s like living in the West, thinks Kipp.
December 13, 2010 2:51 by Samuel Potter
There could be bad ahead news for those of us slaving in the private sector. According to reports, recruitment experts are warning of salary cuts, lower bonuses and even fewer perks in the year ahead.
They argue that the market is over supplied with talent that can be hired less cheaply than in previous years, according to Emirates 24-7. “I can only see the private sector reducing salaries as they believe that they can still hire people cheaply and that there is no problem in the supply of people,” Matthew Carter, Managing Director at McArthur Murray, told the website.
“Existing staff still employed can expect a reduction in salary to be discussed in 2011 along with a reduction in quality of benefits, such as cheaper healthcare, cheaper flights etc. We expect bonus levels to drop as well,” he continued. He sounds like great fun at a party.
And here was Kipp thinking things were looking up. Apparently not, says killjoy Carter. “The private sector is generally struggling still irrespective of the PR in the market. I can’t see the employers offering increases in 2011 to existing staff. Only in some very niche markets such as renewable, nuclear and possibly oil and gas can we see the trends being different.”
This is all we need. Alongside inflation in the price of fuel and utilities, which in turn will drive up the cost of goods in the shops, and the recent rise in food prices, those of us plying our trade in the private sector can expect to be worse off for some time to come.
And don’t think any special “expat status” is going to leave you immune, either. The latest research from Bayt.com suggests that there is a “downward pressure on traditional regional expat packages.” The recruitment company conducted a poll and found that the tendency for companies to provide special expat packages continues (more than a third still do). But while 35 percent of respondents to the survey say their company is still providing the packages, just under 45 percent said their companies weren’t. And just over 45 percent of people thought the days of special expat packages in the GCC were over.
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