UAE employees may see salary hike this year
Monthly incomes in the UAE are likely to rise between 4 percent and 6 percent, according to a latest study.
However, the hiring trends this year can vary according to sector, with some more likely to perform better than others, directly impacting salary performance, Gulf News quoted UAE-based specialist recruitment firm Cooper Fitch as pointing out.
“We expect to see increases in salary levels and new jobs being made available following a better than expected finish to 2016 and a similar start to 2017,” Trefor Murphy, chief executive officer of Cooper Fitch, reportedly noted.
The estimated pay adjustments will reportedly be dependent on a 4 to 6 percent gross domestic product (GDP) growth and oil prices of between $55 and $65 per barrel. “The outlook for 2017 is improving and market sentiments look reasonably positive,” Murphy added.
While overall salaries are forecast to rise, increases won’t be across the board. Cooper Fitch’s latest Salary Guide for 2017 showed that some employees, depending on the industry they work in, are still likely to get some salary reductions.
Professionals in the manufacturing, sales and marketing, legal and digital sectors may expect some good news as their monthly incomes are forecast to rise by 5 percent, 6 to 10 percent, 3 to 4 percent and 10 to 12 percent, respectively, said the news portal.
For those working in the audit and risk industry, including auditors and specialist advisers, a 5 percent increase on salaries is expected as well.
A somewhat subdued outlook, however, is forecast for accounting and finance employees which, according to Cooper Fitch, are likely to feel downward pressure, as companies resort to more stringent recruitment criteria and rigorous interview process amid an oversupply of qualified talent in the local market, reported Gulf News.
“The overall salaries across finance functions are only expected to increase marginally above the inflation level in 2017,” said the report.
Banking and financial services professionals can also expect some pay cuts ranging between 5 percent and 7 percent.
