The Covid-19 pandemic has weighed heavily on millions of workers around the world, with many either losing their jobs, being furloughed or having their salaries cut.
While a number of UAE employers reduced their staffing budgets last year to remain operational, the latest salary report by global recruitment consultancy Hays paints a more positive picture for 2021.
The report found that hiring activity started to pick up in the fourth quarter of last year and this trend has continued into 2021. Meanwhile, 55 per cent of employees are confident that their salaries will remain stable for the rest of the year.
In fact, Hays says in its report that it doesn’t expect the pandemic to negatively affect salaries further in 2021, which is great news for employees.
But the big question is: will our salaries increase this year or do we need to remain patient and hope that 2022 brings us financial rewards?
Host Felicity Glover is joined by Chris Greaves, the managing director of Hays in the Middle East, who explains why salaries in the UAE will remain stable this year and gives his top tips on how to negotiate a pay rise.
UAE salary guide 2021
Listen to last week's episode on the best way for parents to educate their teenagers about money:
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
