UAE residents feel less secure in their jobs than they did at the start of 2019 and less confident about getting a salary increase this year.
That’s according to the Consumer Confidence Tracker Q2 2019 from yallacompare, a major Middle East comparison site for financial products.
During the second quarter of 2019, the Tracker polled more than 1,000 UAE residents on the state of their finances and attitudes towards work. Similarly sized surveys are conducted throughout each quarter of the year.
Just 31.4% of respondents said they feel more secure in their job in Q2 2019 compared with a year ago. In Q1, the figure was 35.8%, a difference of 4.4 percentage points. The proportion feeling less secure in their jobs than a year ago rose, from 32.1% in Q1, to 36.6% in Q2.
The proportion saying they’ve received a salary increase in the last 12 months declined, from 32.5% in Q1, to 30.6% in Q2. Around 60.6% now expect an increase in the next 12 months, down from 64.3% in Q1.
“Respondents tend to feel optimistic about their job prospects at the start of a new year and we saw that in the Q1 survey,” said Jonathan Rawling, CFO of yallacompare. “The reduced sense of job security and tempered salary expectations in Q2 may reflect an increased sense of reality setting in as the year progresses.”
In Q2, 22.3% of respondents said they had experienced a pay cut in the last 12 months, compared with 20.7% saying the same thing in Q1. Nearly 17% say they expect a pay cut in the next 12 months, compared with 15.1% in Q1.
Despite more than one third of residents feeling less secure at work, more than three quarters (75.7%) still feel confident about keeping their job this year.