Dubai companies plan a 6-months bonus next year
UAE’s job market enjoyed 2022 as the strongest year in a decade.
Dubai ( UAE Updates – Maham Siddiqui )
As per the study that is released by Cooper Fitch an HR consultancy, several companies in the UAE are planning to raise the salaries of their employees by 10 percent or more during next year.
According to the “Salary Guide UAE 2023”, 57% of the companies are expected to raise the salaries of employees with 45% of them up to 5%. 7% plan to increase salaries by more than 10 % and 5% of firms are expected to improve remunerations between 6% to 9% in the year 2023. Whereas, 23% of the firms are not intended to revise or raise employees’ salaries in the coming year.
The survey is done based on business leaders’ responses who are the in-charge of the key decisions taking at about 300 organizations or more across the Gulf.
The estimated salaries will be increased by 2% or under 2% in 2023. In 2022, the salaries of employees were increased by 49% of the firms. Whereas, 7% of the firms improved the pay of employees by more than 10%.
According to the latest study, the highest salary which is Dh252,000 is offered by the real estate sector in UAE. The legal sector offers (Dh231,000), investment management offers (Dh158,000), banking offers (Dh178,000), strategy offers (Dh131,000), manufacturing offers (Dh136,000), HR offers (Dh147,000), tax experts offer (Dh117,000), advisory offers (Dh126,000), technology offers (Dh126,000), finance offers (Dh153,000), supply chain offers (Dh95,000), sales and marketing offers (Dh76,000), and telecommunication offers (Dh115,000).
The year 2022 was the strongest in a decade of the job market of UAE, revealed by the global recruitment consultancy. The demand was more than higher in both the public and private sectors.
Gross Salary Bonuses in the UAE
As per the revealed study, three-quarters of the surveyed firms are aiming to issue annual bonuses to their employees whereas, 26% of the companies have no plans for bonuses.
Founder and CEO of Cooper Fitch, Trefor Murphy said:
“Employees working for 4% of the companies surveyed this year can look ahead to annual bonuses amounting to a substantial six months’ gross salary. The included sectors are banking, financial services, investment management, and consulting,”