News

Saudi is best place for a 2017 salary raise, says survey

Saudi salaries

If you’re living in the Middle East and you want a salary raise, Saudi Arabia is the best place to find it, according to a new survey from Aon.

The survey took responses from 600 companies operating in the GCC, and asked them about salary rises over the past year. Companies from Saudi Arabia topped the list, with salaries rising by an average of 4.4% this year.

RELATED: Concerned about the cost of living? Maybe it’s time to open a new savings account

Kuwait and the UAE were the second-biggest movers in terms of salaries, each posting wage growth of 4.3%. Next up was Qatar (4.2%), followed by Bahrain and Oman, which each saw wage growth of 3.9%.

Indeed, according to the survey, these salary rises were lower than previously forecast, thanks to a slower-than-expected GCC economy and sustained low oil prices. Aon’s new forecasts take this into account.

As a result, projected rises for the coming year are more conservative. Saudi Arabia still tops the list – salaries there are expected to rise by 4.5% in 2018, and it’s the same figure for Kuwait and Qatar. In the UAE and Oman, salary increases of 4.3% are expected, while Bahrain is thought to post 4% growth.

Unfortunately for consumers, the introduction of VAT to the Gulf countries in 2018 will only put further pressure on their spending power. That said, Aon explained that the 5% tax will go some way to improving GDP, which may help GCC residents with their salaries.

SEE ALSO: Compare savings accounts on yallacompare to beat cost-of-living worries! 

“While employers choose to remain conservative in the projected salary increase of 2018, we may witness an upside in the actual salary increase, thanks to an improving economic situation as a result of increased government spending, stabilised oil prices, and the effects of economic transformation programs,” Aon said.

In terms of the employment sectors that are best for getting a raise, life sciences tops the list with an average wage increase of 5.1%. High tech is next, with employees getting 4.6% more this year, while most other industries hovered around the 2.5% mark.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

yallacompare.com is the leading financial comparison site in the Middle East with operations in the UAE, Qatar, Bahrain, Kuwait, KSA, Lebanon, Jordan and Egypt.

Since 2011, yallacompare has helped users find and compare credit cards, personal loans, mortgages, car loans and bank accounts from the leading banks in the Middle East.

© 2022 yallacompare. All Rights Reserved.

To Top