Parkin’s share sale contributed 37.2 per cent of the total IPO value
markets8 hours ago
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 the 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@khaleejtimes.com
Parkin’s share sale contributed 37.2 per cent of the total IPO value
markets8 hours ago
Group forecasts oil demand to grow by 2.2 million barrels a day this year
energy8 hours ago
The Pakistan-born opening batter got more votes than superstar Shaheen Afridi as he became the first UAE player to win the ICC award
cricket8 hours ago
Emaar Development’s sales backlog has increased to Dh65.7 billion
realty8 hours ago
The former US president and Republican presidential candidate has pleaded not guilty and denies any sexual encounter with Stormy Daniels
americas9 hours ago
Maritime India Vision 2030 envisions investment of Rs1.25 trillion
business9 hours ago
The project aims at turning Dubai into a pedestrian-, environment- and family-friendly city
uae9 hours ago
Book your tickets for amazing musical experiences, featuring international artists and local talent
entertainment9 hours ago