Highest pay rise for Mid-East maritime workers
Maritime workers in the Middle East are set to earn the highest pay rises this year.
According to new data released by the UK’s Spinnaker Consulting, workers in the maritime industry in the Middle East will receive the highest pay hikes in 2014.
The data shows that shipping employers' pay forecasts around the world for 2014 are generally more conservative than the wider non-shipping world.
“The winners in 2014 are staff based in the Middle East where projected pay reviews in shipping are as much as 8.5 per cent, this being the only location where shipping salary inflation appears to be exceeding other sectors (for which the projected increases are around 5.5 per cent),” Spinnaker noted.
Phil Parry, Chairman of Spinnaker Consulting, says the question of why Middle East pay reviews are forecast for being so high this year is an intriguing one.
“Certainly, inflation in the region is not the main driver,” Parry told ASC.
He says there is a definite sense globally, particularly in the Middle East, that the recession is over.
“Property costs are rising fast both with sentiment and inward investment from China, other parts of Asia and displaced Syrian funds.”
“The main concern has to be whether we’re seeing another bubble which is of course helpful to no-one in the long term,” Parry added.
He says confidence in the Middle East is riding high, and this more than anything dictates how relaxed employers are when it comes to cost control.