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There is an up to 5 per cent increase in employee allowances and benefits offered by UAE based organisations this year, according to a survey by a global recruitment consultancy. But the increase is markedly less than in previous years as ''corrections are made'', according to AON Hewitt.
More pertinently, these increases have been extremely ''selective'' and definitely not across the board.
''The increase is about a third of that seen in previous years across areas such as housing, transportation and education allowances,'' states the report released Monday. ''Companies are still eager to attract and retain talent from around the world... but are generally spending more selectively in line with the overall tone of the macro-economic environment.
''The 2016 increase in allowances is in part explained by a few organisations doing a market correction rather than an overall increase across the board. There is also a heightened focus on training employees for greater productivity.''
The survey is based on an analysis of over 100 multinationals and locally-owned conglomerates across multiple sectors.
''Such investments are still an incredibly important consideration for companies looking to stay competitive with increased investments seen across the board,'' said Robert Richter, Compensation Survey Manager at Aon Hewitt M.E. ''At the same time, companies have continued to rethink their allowance and benefits strategy in terms of eligibility, volume and overall salary fluctuations, with more conservative spending this year.''
Key allowance allocations in the UAE
* Education assistance allowances registered an increase of 5 per cent, and now ranges between Dh25,000 for eligible junior professionals to Dh58,000 for senior managers and executives per child across job roles.
* Housing allowances in the GCC are up an average of 4 percent across all job roles, from Dh43,000 for junior professionals to Dh225,000 for executives in the UAE specifically.
Did you know that UAE salaries forecast to rise by 4.6% in 2017
Source: Staff Report, gulfnews.com