More than half of UAE companies to hike salaries in 2024: Survey

More than half of UAE companies to hike salaries in 2024: Survey

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 increase 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 quarter have no plans to revise their employees’ wages during the coming year, Cooper Fitch said.

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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 aviation will continue