Kuwait min wage plan three times world's highest

SYR

What a stupid suggestion by the idiots who unfortunately are members of the parliament. Kuwaitis don't need more money nor do we need another reason to keep Kuwaitis lazy. The parliament members should focus on more important/urgent issues such as healthcare, education, competitiveness of the market place, and the environment amongst other stuff.

Thamir Ghaslan

Jealous and negative comments in 3... 2... 1...

Expats would be singing a different tune if they would easily be given citizenship.

Qatari

Spot on.

Telcoguy

If stating the obvious (the inflation tsunami of Matrix plus Doug's spot on comments on Kuwaitization of the workforce) is being "Jealous and negative" well yes I guess we are

I am really looking forward to your usual deep, fact-based analysis explaining how this is anything more than a crowd pleaser measure by someone who neither understands the implications now will need to bear the cost

Telcoguy

More to the point:
From http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/170903/reftab/96/Default.aspx

Head of the parliamentary budgets committee MP Adnan Abdulsamad described the budget as ?crazy? and said the price for oil needed to balance the budget is $85-90 a barrel.
?Ten years ago, we needed oil price to be at $18 a barrel to balance the budget, but now if oil slips below $85-90, we will be forced to withdraw from the assets to pay for wages,? Abdulsamad told parliament.


So now Thamir, please explain us how this additional spending will work. No rush, take your time, plenty of numbers to crunch

you you fooling

You could not pay me all the money in the world, unless I could get the privileges and not have to live there. (like most Kuwaitis do come to think of it)
Going to the avenues mall every night and swimming in dirty sea isn't the best life.
Even the Regency hotel I stayed at after a 100 000 million dollar refurbishment was empty.
Al Hamra Tower tallest sculpted concrete building in the world, 10% occupancy (I should know I produced the launch brochure for it)
The Business district is half empty as no outside firms want to work in Kuwait.
Ever wondered why arrivals at the airport on a Thursday is empty and departures is packed!!??
Keep your perks I would rather have a good quality of life(thats not money by the way!!).

Matrix

All Expats in Kuwait - expect massive increase in all charges - A Price and Inflation led Tsunami is coming your way if this gets approved as the locals would have all the money while u expats will be derived of it. What will happen is to sustain this every sector will push up the charges to pay for the increased wages. All foreign high value brands are in for good times!

mumeen

This Minimum is not for the 'residents', but for the Nationals.

Andy

This will help retail sales for Hermes and Porsche in Kuwait.

Telcoguy

@Andy it is and it is not. It was certainly for my client, and indirectly for us because they had a hard time isolating the effect and providing an "Arab-spring free" P&L and needed our help; that opened the door

But if you stop to think about the long-term of this region, this summarizes the whole mindset, a huge "carpe diem". I guess that this is slightly better than going on a shopping spree with a credit card or a loan... but still. Maybe i have got too old and too grumpy, but when I was younger people had more self control and did not spend money so freely

Andy

@Telco, this is actually great news if you ask me because they like to spend and retailers love people who love to spend as this extra cash will trickle down to others. There are currently 7 flights a day between Dubai and Kuwait of which are supposedly all full too so some of this extra cash will trickle down to retailers in Dubai. Basically the ruler does not want them uprising with the rest of the Arab Spring of which he is basically telling them here is some extra cash. Go enjoy and keep your mouths shut. If I were them I would take it and enjoy. There are not too many countries out there that share government wealth with their people. Other countries out there want 30-50% of your income while they collect zero taxes from their own people.

Telcoguy

This will be a great example of "trickle down" economy. Now the important question is: will the shop keepers be locals or expatriates?

Seriously, you have no idea how true this is.
I have some data (under NDA) and the only thing I can say is that never in my life I have seen money move so quickly into consumption... as soon as the extra cash arrived you could see a peak on purchases
It really looks like the money was literally burning a hole in their pockets

Long term resident of Kuwait

they are destroying what little is left of any work ethic among young Kuwaiti's... how will they compete in the real world... the system is geared towards...entitlement, greed, and more greed...the leadership needs to really think this one through...what kind of value system will this society have in the future....

Doug

In other words, the Kuwaiti government has simply given up trying to encourage the public sector to hire nationals. Here's hoping they've got enough oil revenue...otherwise, where will the money come from?

Doug

Oops- I mean, of course, PRIVATE sector!

kingkaiser

This should help Kuwaitization plans...

rednrosy

The first generation built the wealth
The second generation managed the wealth.
The third generation squandered the wealth

Just as my generation spent the money and borrowed, leaving the debts to our children, such will also pass in Kuwait.

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