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Pay rises! (For management)
If you’re running the show, congratulations on your bonus! If you’re anyone else, sorry but you don’t get a thing.
September 6, 2010 2:16 by Samuel Potter
But it’s bad news for most people dreaming of a bonus in 2010. Although there could be some hope; Emirates 24-7 reports that unnamed Labour Ministry sources say private sector workers should get bonus and in-lieu holiday from their employers if they are made to work during the upcoming Eid Al Fitr. The website quotes UAE paper Alittihad.
Those getting in-lieu days off must get a bonus of 50 percent of their salary while those who do not want in-lieu holiday must be paid a bonus of 150 per cent of their salary per each work day during Eid, says Alittihad. “All private sector establishments must comply with these rules and by all laws pertaining to workers’ rights during such occasions, including sticking to the defined work hours,” said the paper. Kipp would be interested to know how many companies will follow the law.
Meanwhile, the trend for higher level employees to grab the bonuses contrasted with pay freezes and redundancies at lower levels could well be both a symptom and cause of the news that big companies have done better than expected in the recession. News agency AFP reports that “A season of bumper profits for some of the world’s biggest corporations provides a shocking contrast to the low rates of growth and high levels of unemployment in most developed economies.”
It seems to Kipp that balance sheets and stock performance have been secured at the expense of lower employees, who find themselves out of pocket so that the companies make more money. The bonuses are presumably reserved for the management who put the downsizing into action.
The only consolation is, this is a cycle – a more profitable company makes more investments, creating more jobs. But that knowledge won’t help those without a job in the meantime.
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