Nakheel employees to take up to 50% salary cut

Nakheel employees to take up to 50% salary cut

  DUBAI – Property developer Nakheel has cut salaries by up to 50 percent amid the coronavirus pandemic, according to a report. "Due to the ongoing circumstances, we have reached the stage where it is time to implement some necessary measures to help us weather this storm, safeguard our staff and security continuing of our business," Nakheel said in the email seen by Reuters. According to Nakheel, top managers and senior executives would be affected by the pay cut effective April 1. Less senior employees would have a salary reduction of between 30 percent and 40 percent. Staff earning not more than Dh4,000 per month will not be affected by the pay cut, Nakheel said. "The revised salary structure - which took effect on 1 April and varies depending on grade - has been implemented to help us weather this storm, safeguard our staff and secure the continuity of our business," a spokeswoman told Reuters. A spokesperson said Nakheel’s chief executive Sanjay Manchanda had stepped down on March 1. ICA/Expat Media

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