Guys i thought the salaries were supposed to only increase but i got shocked once I read this.
well decreasing the salaries is much better than letting people go .. People can live with decreased salaries, but they can’t live with unemployment !
They have to change each employee contract.
Then you probably work for Government. We all hope our salaries only go up but the private sector has been hit very badly and especially investment companies. Al Dar is one of the most badly hit companies and they are up to their ears in debt. They were gonna sell their stake in Boubyan to CBK but that deal got canceled but now they might sell it to NBK. They apparently also want to sell their stake in Aston Martin. They’re trying to get money out fast but I’m guessing it’s really hard to sell in this climate where people are so afraid to buy or they keep waiting for prices to drop even more. There was a recent report about brokerage companies (شركات الوساطة) actually firing a good percentage of employees. I also heard Alsafat is not renewing some of its contracts with admin workers.
The situation is a bit spooky especially for people like me who do work in the private sector bass Alla kareem inshalla yshofoonla 7al…Alla ywafig OBAMA chood tgoom Amreeeka 3ala reelha wingoom i7na ba3ad ma3ahum.
I would recommend with a salary decrease a 4 day or less work week. If you are going to pay me less, then I should work less also.
Tough times call for tough measures…better than being unemployed!!