Apr 05 2012
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Salaries of workers in MENA to rise by 6.7%
Data from the latest Salary Increase Survey (SIS) from Aon Hewitt, the global human resources business of Aon Corporation, showed also the overall trends in salary budget planning as well as the proportion of companies planning pay freezes. The greatest level of participation from anywhere in the GCC came from companies in the UAE.
Data for the latest survey, collected in January and February 2012, came from more than 130 organizations across the Middle East across 25 industry sectors, submitting salary data for 7 countries.
In terms of the year ahead, only 12 percent of companies in the GCC and Egypt are considering a pay freeze.
Dr. Markus Wiesner, MENA CEO of Aon Hewitt, said "despite continued uncertainty elsewhere in the world about a return to economic growth, regional employers are showing a positive outlook overall. We are seeing some positive indicators coming out of Saudi Arabia about the year ahead, as demonstrated by the projected salary increases in the Kingdom."
"We are seeing an increasing trend toward linking compensation with performance, better placing companies to engage and retain their key talent. Without exception, all markets have indicated that a major portion of their overall salary increase is the merit increase, which acknowledges outstanding performance. The highest merit increase is projected in Egypt and Kuwait (6.8 percent) and Saudi Arabia (5.8 percent)," he said.
Overall, across the Middle East, the figures show optimism regarding salary increases, converging towards an overall budget increase of 6.7 percent. Higher or lower variations around this figure and trends toward pay freezes tend to be determined by industry or country-specific situations.
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