The Banking Executive Magazine - April 2024

Salaries in the UAE are expected to increase by 4.5 per cent in 2024 on the back of strong performance of the non-oil sectors, especially real estate, said a new report released on Wednesday. According to a “Salary Guide UAE 2024” report released by Cooper Fitch on Wednesday, the majority – 53 per cent – of firms expect to in- crease their employees’ salaries next year. More than one-third – 39 per cent – plan to raise wages by up to 5 per cent, almost one in ten by 6 to 9 per cent; and one in 20 (5 per cent) is preparing for an increase by 10 per cent or more. However, more than one-fifth – 21 per cent – of firms expect to lower salaries in 2024, which is surprising given the increased demand for the best talent. While more than a quar- ter have no plans to revise their em- ployees’ wages during the coming year, Cooper Fitch said. Stay up to date with the latest news. Follow KT on WhatsApp Channels. The UAE’s economic growth will moderate to nearly three per cent year as compared to last year’s 7.9 per cent. Among non-oil sectors, real estate, travel and tourism and avia- tion will continue to lead the UAE’s economic growth. 2023 SALARIES Cooper Fitch survey found that more than four-fifths – 81 per cent – firms either increased or made no changes to employees’ salaries in 2023. While more than half – 54 per cent – raised salaries in 2023, reflecting sus- tained demand for talent in the UAE. Approximately 8 per cent of firms in- the BANKING EXECUTIVE 34 ISSUE 184 APRIL 2024 Career Chronicle MORE THAN HALF OF UAE COMPANIES TO HIKE SALARIES IN 2024: SURVEY