Friday 25 May 2018

Qatar announces massive hike in salary, pensions

Doha, September 7, 2011

Qatar will hand out significant salary, pension and benefits increases for its state and military employees, the state news agency said, in a move that will cost the Gulf state at least an additional QR30 billion ($8.24 billion).

The decree by deputy Emir and heir to the Qatari throne Sheikh Tamim bin Hamad Al Thani will boost basic salaries and social benefits for state civilian employees by 60 per cent.

Military staff of officer rank will receive a 120 per cent increase in basic salaries and benefits, according to the statement which was released late on Tuesday.

Military persons of other ranks will see a 50 per cent jump in basic salaries and benefits.

Qatar, the world's richest nation per-capita - more than $88,500 according to the IMF - and host of the 2022 soccer World Cup, has along with the UAE escaped unrest sweeping through the Arab world. Its copious natural gas reserves have quickly elevated it to the list of the world's richest nations.

The total salary increases will amount to QR10 billion ($2.75 billion) per year, the statement said. It did not give a reason for the rises.

The decision also ordered a 60 percent pension increase for civilian retirees. Military personnel retirees of officer rank will see a 120 percent hike, with military individuals of other ranks eligible for 50 per cent.

The Gulf state will incur 10 billion riyals for the pension fund which will be paid in once and another 10 billion for retirees' subscriptions, the statement said.-Reuters

Tags: Qatar | pay | pensions | hike in salary |

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