Media ININ Economy We Trust
MEDIA IN, Abu Dhabi, Jan. 5, 2019 (WAM)
Workers’ compensation in the UAE rose to AED 60 billion in the first nine months of 2018, up 9.5% from AED 54.8 billion in the same period in 2017.
Compensation of employees according to international standards includes salaries, wages, allowances, bonuses, travel tickets, health insurance, end of service benefits, monetary commissions, commissions, pensions and social assistance.
The continuous growth in employee compensation, according to Ministry of Finance statistics, reflects the good standard of living of citizens, residents and social welfare in general, which has made the UAE eligible for an international standing in the indices of financial institutions specialized in measuring the standard of living and prosperity globally.
The UAE ranks first in the world in 50 indicators according to the 2017-2018 Global Competitiveness Indexes in many vital sectors, community and service sectors. The UAE ranked first among the most prosperous countries in the Arab world, based on the Global Growth Index “British 2017, which is one of the oldest institutions in measuring and monitoring the prosperity and welfare of communities.
The UAE ranks first in the region and 13th in the world on the world’s best-paying high-paying jobs or knowledge-intensive jobs index in 2017, according to a report by the IBM Business Value Institute.
Returning to the details of the movement of compensation workers in the UAE, it is clear that the indicators of the upward trend since the beginning of 2018 in a move that reflects the continuous development of the living conditions of citizens and residents, where the value of compensation in the first quarter of the year 19.322 billion dirhams and then rose to more than 20 billion dirhams in the second quarter .
During the third quarter of 2018, the value of workers’ compensation jumped to AED 20.62 billion and a growth rate of 3.1% compared to the second quarter of the same year.
The compensation of employees during the first nine months of 2018 accounted for 21.7% of the total expenditure in the UAE government’s combined government funds, which includes the federal government as well as local governments in all emirates.
