Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Your salary will rise in 2017 in spite of low oil prices  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/12/2016
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) UAE set to see slowest real wage growth in 2017 Despite plunging oil prices and economic and political turmoil throughout the region, 2017 is set to be a positive year for workers in the Middle East as salaries are forecast to rise by 4.5 per cent.

According to a forecast issued by the Hay Group division of Korn Ferry, real wages in the Middle East will rise 2.5 per cent due to inflation being recorded at two per cent. While Jordan and Lebanon are forecast to see the highest real wage increases in the region, at 6.3 per cent and 6.1 per cent respectively, the UAE is set to see the slowest real wage growth at 0.5 per cent - down from 0.9 per cent last year.

The data was drawn from Hay Group PayNet which contains data for more than 20 million job holders in 25,000 organisations across more than 110 countries. It shows predicted salary increases, as forecasted by global HR departments, for 2017 and compares them to predictions made at this time last year regarding 2016. It also compares them to 2016 inflation data from the Economist Intelligence Unit.

The forecast also showed that, adjusted for inflation, workers around the world are expected to see real wage increases of 2.3 per cent, down slightly from last year's prediction of 2.7 per cent.

"Although not as high as last year when we saw a three-year high, there are still positive real wage gains across the globe," said Benjamin Frost, Korn Ferry Hay Group global manager - pay. "In addition to predicted salary increases, inflation is relatively low in most countries, which has a positive impact on real wages."

In Asia, salaries are forecast to increase by 6.1 per cent - down 0.3 per cent from last year and 0.7 per cent from th year prior. Real wages are expected to rise by 4.3 per cent - the highest globally. The biggest change in Asia is in China, where real wages increases are down nearly 2.5 per cent, from 6.3 per cent in 2016 to four per cent in 2017 - reflecting lower growth predictions for the year ahead.

"Asia continues to drive growth in wages globally as companies look set to increase pay across the board," said Frost. "However, the global labor market is in flux as slower economic growth in mature economies keeps a check on pay rises. In emerging economies, upskilling workers is crucial for companies to maintain a competitive advantage; and those skilled employees can expect to see wages rise as talent shortages in certain regions drive salaries up."

Although top-line salaries will increase 6.4 per cent in Africa, high inflation means the real increase is only 0.7 per cent. High inflation in Egypt means it is one of two countries in the region set to see a cut in real wages at -3.0 per cent, which is worse than the year prior, at -0.4 per cent. Algeria is the other nation in Africa to see negative real wage increases, at -1.1 per cent.

-


Rohma Sadaqat I am a reporter and sub-editor on the Business desk at Khaleej Times. I mainly cover and write articles on the UAE's retail, hospitality, travel, and tourism sectors.Originally from Lahore, I have been living in the UAE for more than 20 years. I graduated with a BA in Mass Communication, with a concentration in Journalism, and a double minor in History and International Studies from the American University of Sharjah.If you see me out and about on assignment in Dubai, feel free to stop me, say hello, and we can chat about the latest kitten videos on YouTube.

 


Khaleej Times




  MENA News Headlines
 Feb 21 2017 - Clear Brine Fluids Market set to reach USD 1.4 billion by 2024.MENAFN Press
(MENAFN Editorial) Clear Brine Fluids Market size was valued at over USD 870 million in 2015 and will witness gains at 5% CAGR by 2024. Positive growth indicators in the oil & gas industry across ...

 Feb 21 2017 - Miss Malarkey's Lost Her Man is the story of an unglamorous apocalypseMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 20, 2017 Miss Malarkey's Lost Her Man A campaign raising money for the production of a 10-minute short film shot locally in Cornwall and created by ...

 Feb 21 2017 - Tel Aviv: Neomatix helps drivers and vehicle fleet operators save money on gas and tires while improving road safety and reducing CO2 emissionsMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 20, 2017 NeomatixThe company helps drivers and vehicle fleet operators save money on gas and tires while improving road safety and reducing CO2 emissions. ...

 Feb 21 2017 - The World Faces a 'Terrible Lack of Trust'MENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 21, 2017 By IPS World Desk Antonio Guterres, UN Secretary General. Credit: UN Photo/Jean-Marc Ferré DUBAI/ROME, Feb 14 2017 (IPS) - The world ...

 Feb 21 2017 - Libya Gaddafi regime trial fell short of international standards UN reportMENAFN Press
(MENAFN Editorial) Libya Gaddafi regime trial fell short of international standards – UN reportThe report by UNSMIL and the UN Human Rights Office (OHCHR) analyses key aspects of the trial in light ...

 Feb 21 2017 - Joint FAO/UNICEF/WFP statement on famine in South SudanMENAFN Press
(MENAFN Editorial) Joint FAO/UNICEF/WFP statement on famine in South SudanThe heads of three UN agencies issued the following joint call for urgent action to allow aid to reach people facing ...

 Feb 21 2017 - Egypt - Women's Film Festival of AswanMENAFN Press
(MENAFN Editorial) Egypt - Women's Film Festival of AswanThe days dedicated to the Italian shorts will be presented by director Cristina Picchi, who is in Aswan to present the screening of her own ...

 Feb 21 2017 - Severe Food Shortages Hit Africa's Refugees Hard UNHCR and WFP WarnMENAFN Press
(MENAFN Editorial) Severe Food Shortages Hit Africa's Refugees Hard – UNHCR and WFP WarnUNHCR and WFP are concerned that sustained cuts to food assistance will have severe nutrition and ...

 Feb 21 2017 - Nearly 1.4 million children at imminent risk of death as famine looms in Nigeria, Somalia, South Sudan and Yemen UNICEFMENAFN Press
(MENAFN Editorial) Nearly 1.4 million children at imminent risk of death as famine looms in Nigeria, Somalia, South Sudan and Yemen – UNICEFThis year, UNICEF is working with partners to provide ...

 Feb 21 2017 - BMO Capital Markets to Host 26th Annual Global Metals & Mining ConferenceMENAFN Press
(MENAFN Editorial) Feb. 21, 2017 /PRNewswire/ -BMO Capital Markets will host its 26th annual Global Metals & Mining Conference from February 26 to March 1, 2017, in Hollywood, Florida. The ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help