Mena bankers’ pay cut by 25%

Bankers in the Middle East have seen their remuneration drop by a quarter in the last year.

A report from recruitment firm Michael Page found that salaries in the senior banking sector fell between 20-25% during 2018, more significant than most other sectors. 

The drop in pay has been less severe for mid-management, between 5-10%, while salaries for junior level roles have remained flat.

Benefits such as children’s’ schooling allowance have been removed or reduced while bonuses have been roughly halved from the level of previous years, states the report.

Not all roles in the Mena financial services sector have seen salary reductions. The financial planning and analysis functions have enjoyed a 10% upswing, according to Michael Page.

©2019 funds global mena

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