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Emirates NBD ENBD.DU, Dubai’s largest bank, has offered most employees a pay rise of up to 8 percent to help ease the rising cost of living due to inflation, two people familiar with the matter said. Reuters.
The raises vary by seniority and are part of a mid-term pay adjustment to inflation, with executives receiving small or no raises, the sources said.
One of the sources with direct knowledge of the matter said most employees were getting raises of between 5% and 8%, with low-wage workers receiving the biggest raises.
Emirates NBD, which is majority-owned by the Dubai government, said it did not comment on employee-related matters.
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“As a people-centred organisation and a leading employer, Emirates NBD remains committed to initiatives and policies that support employee well-being, while employing a strong employee recognition programme,” a spokesperson added in an emailed response to Reuters queries.
It’s unclear if the raise will only apply to employees in the United Arab Emirates. The lender also operates in Egypt, India, Turkey and elsewhere.
Annual inflation in the oil-producing Gulf countries hit 3.4 percent in the first quarter, according to central bank data, and is expected to be 5.6 percent for the full year. The UAE has not released monthly inflation figures this year.
The upward trajectory of prices represents a major shift from the deflationary period of 2019, 2020 and the first seven months of 2021.
Concerns about the rising cost of living in the UAE have been raised in recent months, with retail fuel prices falling from a high of around 80% to around 55% so far this year.
The UAE is the only Gulf Arab country without a domestic fuel price cap, causing gasoline costs to soar.
According to Betterhomes, average rents for apartments and townhouses in Dubai rose 29% and 33% in the first half of the year, while average rents for villas rose 64%, as the property market continued its strong post-pandemic recovery.
Emirates NBD reported in late July that second-quarter profit rose 42 percent to 3.5 billion dirhams ($952.98 million).
Since March, the UAE’s central bank has raised its benchmark interest rate by 225 basis points in tandem with the Federal Reserve as its currency is pegged to the dollar as central banks around the world battle historic inflation.
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