UAE: Dubai’s biggest bank gives staff a pay rise for inflation – Gulf Digital News

UAE: Dubai’s biggest bank gives staff a pay rise for inflation – Gulf Digital News

Dubai's biggest bank Emirates NBD has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.

The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.

Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.

Emirates NBD, majority owned by Dubai's government, said it did not comment on staff-related matters.

"As a people-first organization and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff wellbeing, while adopting a robust employee recognition program," a spokesperson added in an emailed response to a Reuters query.

It was not immediately clear if the salary increases were only for employees in the United Arab Emirates. The lender also has operations in Egypt, India, Turkey and elsewhere.

Annual inflation in the oil-producing Gulf state reached 3.4% in the first quarter, according to the central bank, which has projected 5.6% inflation for the year. The UAE has not published monthly