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UAE companies are increasing salaries in 2024: Survey

A newly released report indicates that in 2024, salaries in the UAE are poised to rise by 4.5 percent, driven by robust performance in non-oil sectors, notably real estate. The “Salary Guide UAE 2024” by Cooper Fitch reveals that 53 percent of companies plan to elevate employee salaries.

Around 39 percent aim for an increase of up to 5 percent, while a smaller percentage—approximately one in ten—foresees raises ranging from 6 to 9 percent. Surprisingly, 5 percent of firms are preparing for substantial increases of 10 percent or more.

However, amidst a heightened demand for top talent, 21 percent of companies anticipate lowering salaries in 2024. Strikingly, more than a quarter have no intentions to revise employee wages, as reported by Cooper Fitch.

Despite an economic growth forecast of nearly three percent compared to the previous year’s 7.9 percent, key non-oil sectors such as real estate, travel, tourism, and aviation are projected to continue spearheading the UAE’s economic expansion.

Reflecting on 2023, the Cooper Fitch survey notes that 81 percent of firms either increased or maintained employee salaries, with 54 percent opting for raises. Notably, around 8 percent of companies significantly boosted wages by over 10 percent, emphasizing a priority on talent retention within specific sectors.

Regarding bonuses, approximately 71 percent of companies plan to grant annual bonuses based on their 2023 financial performance.

Among those offering bonuses, 35 percent aim to pay one month’s basic salary, while others intend to provide even more substantial bonuses, ranging from two to six months’ basic salary, particularly in fields like accounting, chemicals, consumer goods, and healthcare.

Industries such as financial services, consulting, and IT, however, have indicated no intentions to provide bonuses.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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