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Jeddah - Yasmine El Tohamy - DUBAI: The chairman of the property developer Emaar has told staff he will take a 100 percent pay cut during the economic crisis brought on by the COVID-19 pandemic.
In an email sent to all 6,600 employees, Mohamed Ali Alabbar explained that a new company-wide salary structure was being introduced from April 1, across all levels until further notice as the company took strict measures to protect staff and “secure the continuity of our business.”
Under the new salary structure the chairman will take a 100 percent cut, senior management (grade 13-19), will see a 50 percent reduction, and middle management salaries (grade7-8) will be cut by 40 percent.
Junior staff (grade 4-6) will see a 30 percent reduction in their pay packets, but support staff (grade 3 and below) who are working full time during this period will still receive 100 percent of their wages.
Those working in the hospitality sector who are currently not working will retain their accommodation and medical insurance and will also receive 15 percent of their wages, while “other entities” will get 60 percent of their salaries.
Alabbar said he was practicing social distancing and said he often found himself reflecting on the “radical changes that are forcibly taking place in our lives without us knowing when it is coming to an end.”
He said he remained optimistic, saying that despite the spread of COVID-19 that has disrupted everyone’s lives, “I still believe that this too shall pass.”
He said he was confident “that this is only a temporary phase.”
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