Delayed Fund Transfer in Iraq Amidst Global Salary Increase Trends
In a recent update from Baghdad, Rudaw correspondent Hewlket Aziz disclosed the postponement of the transfer of 700 billion Iraqi Dinars. This report highlights the persisting financial and administrative challenges within the region. It also alludes to the expectations of talks regarding the disbursement of three months’ salaries in the coming week. This situation has a significant impact on government employees, who are anxiously awaiting their pending salary payments.
Financial Struggles Amidst Positive Global Outlook
While the delay in fund transfer and the anticipated discussions suggest attempts to address the salary arrears, the report does not provide specific reasons for the delay or proposed solutions to the problem. This comes at a time when the ECA International’s Salary Trends Survey for 2023 indicates that the global outlook for employees is beginning to show signs of improvement, with nominal salary increases in 2023 standing at 5.1%. This represents an increase of around one percentage point compared to 2022.
Real-World Implications of Salary Decreases
However, when inflation is considered, employees have, in fact, experienced an average decrease of 1% in real terms. Despite this, employers from most regions are expecting to provide nominal salary increases at a similar level to the current year in 2024.
Regional Developments
Elsewhere in the region, Saudi Arabia and Kuwait have made significant decisions. Saudi Arabia has implemented stricter rules for issuing work visas for domestic workers, with requirements such as foreign employers needing to be at least 24 years old. The country’s Ministry of Human Resources has launched Musaned, a recruitment platform designed to enhance the domestic labor market. Meanwhile, Kuwait’s Council of Ministers has approved a draft Emiri decree that will result in several prisoners being pardoned and the restoration of citizenship for opposition figures that were stripped of their status roughly a decade ago.
https://bnn.network/world/iraq/delayed-fund-transfer-in-iraq-amidst-global-salary-increase-trends/
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