Ferrari Formula 1 team WHAT NEXT!!
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OK. let's explain again.
#1; we are only guests here, and they want you to go back where you came from after employment.
#2; to acheive a descent retirement in your country(see #1), the employer should protect you against parts of FX fluctuations.
#3; right now, we get shafted on the inflation here AND against our home currency/retirement fund (most of us).
#4; if you come here on a short/medium term posting, you will most probably keep your pension from employer in home country, not us. Under that kind of contract, you get either paid partialy in home currency and local currency (not us) or a mechanism is in place to limit currency exposure (kind of contract given to an accountant/engineer going overseas for a year or two).
#5; what happens if pound/euro falls? You might have an edge for a little while, but never to the extent of the damage done to our bank accounts right now. Like every contract in the UAE, it's a oneway street.
#6; yes, FX is part of the risk of taking an expat job but right now our bosses are pocketing millions with that on our backs.
#1; we are only guests here, and they want you to go back where you came from after employment.
#2; to acheive a descent retirement in your country(see #1), the employer should protect you against parts of FX fluctuations.
#3; right now, we get shafted on the inflation here AND against our home currency/retirement fund (most of us).
#4; if you come here on a short/medium term posting, you will most probably keep your pension from employer in home country, not us. Under that kind of contract, you get either paid partialy in home currency and local currency (not us) or a mechanism is in place to limit currency exposure (kind of contract given to an accountant/engineer going overseas for a year or two).
#5; what happens if pound/euro falls? You might have an edge for a little while, but never to the extent of the damage done to our bank accounts right now. Like every contract in the UAE, it's a oneway street.
#6; yes, FX is part of the risk of taking an expat job but right now our bosses are pocketing millions with that on our backs.
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I think the ME companies should simply match the erosion of their currency compared to world markets. They themselves do it nicely with the increase in oil price.
They can adopt a ERP (and i mean a FULL ERP) for every expat in his selected currency. This would work up OR down, which might even be cheaper in the long run. Or they should compensate for inflation of the local currency, as they do for the locals.
Not doing either, especially when only compensating locals, is discriminatory (or even racist) and is rightfully bashed. They are very quick in denouncing similar practices if they are victims of such abroad!
I don't mind if they give locals a piece of land, or if they have a national pension scheme for them. This is looking after their people and is basically outside of the respective company. However concerning salary and T&Cs it should be the same for every fellow worker irrespective of nationality, or you create a double standard which in our business is detrimental to motivation and safety.
They can adopt a ERP (and i mean a FULL ERP) for every expat in his selected currency. This would work up OR down, which might even be cheaper in the long run. Or they should compensate for inflation of the local currency, as they do for the locals.
Not doing either, especially when only compensating locals, is discriminatory (or even racist) and is rightfully bashed. They are very quick in denouncing similar practices if they are victims of such abroad!
I don't mind if they give locals a piece of land, or if they have a national pension scheme for them. This is looking after their people and is basically outside of the respective company. However concerning salary and T&Cs it should be the same for every fellow worker irrespective of nationality, or you create a double standard which in our business is detrimental to motivation and safety.
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Over 60 % of the population is made of immigrants, how do you think they can achieve a global ERP ?
And Vox Populi is right, would the immigrants accept to reduce their salaries if the Euro would fall ???
Etihad is owned by government ? Well, the government has a stake in Ferrari, so why not advertising on the cars ?
And Vox Populi is right, would the immigrants accept to reduce their salaries if the Euro would fall ???
Etihad is owned by government ? Well, the government has a stake in Ferrari, so why not advertising on the cars ?
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My post was cynical. It can't be done and you know it. Why the ME immigration rules should be different from our native countries ?
As our beloved (
) Sarkozy says, "you like it or you leave it"
As our beloved (
) Sarkozy says, "you like it or you leave it"
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Join Date: Feb 2007
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s r :
you're starting to worry me ...
- what the heck do immigration rules have to do with renumeration??
- why would a salary increase of xx%, i mean the same amount as for the locals, not be possible??
But i think i'll rest my case
beati pauperes spiritu
you're starting to worry me ...
- what the heck do immigration rules have to do with renumeration??
- why would a salary increase of xx%, i mean the same amount as for the locals, not be possible??
But i think i'll rest my case
beati pauperes spiritu
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Abu Dhabi goverment owns x% of Ferrari thru its investment arm; Abu Dhabi goverment owns etihad thru its different investment arm also. so the 130 mil or whatever spend on ferrari for adver is just creative accounting guys...dint cost etihad a cent...just a big pat on the back of hoggie...to show he's doing something...just look at the board members of etihad and who owns x% of ferrari...just goggle ferrari+abu dhabi...
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just look at the board members of etihad and who owns x% of ferrari...just goggle ferrari+abu dhabi...
The rules of immigration have always been the same for decades. People always flew away from deteriorating living conditions... Who could accept such rules you are claiming ? Depending on your origins your salary should be increased ? Increase only the Europeans and not the US citizens ?
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Added the link to the sponsorship amount in post #38
In that case, I will add it here too!
In that case, I will add it here too!
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ClevelandHD, following your explanation just the following:
#1 - Agreed.
#2 - Why should the employer protect you? You are employed in the UAE by a UAE company and are paid in UAE currency. The retirement fund/mortgage etc. that you have back home doesn't place any obligation on your employer, unless it specifies so in your employment contract. That is your own problem.
#3 - Inflation. Agree. Home currency. Again not the employers problem, but yours. Send back more money or sell the house and buy a cheaper one. Reduce your exposure to currency fluctuations.
#4 - You are not on a short term contract or hardship posting or something similiar. See #2 above.
#5 - UAE contracts. Agree. Your bank account. See #2,3,4.
#6 - You hit the nail right on the head - RISK. But this is a risk that you, me and every expat here took when we willingly came here and willingly signed the employment contract. As for the bosses pocketing millions, don't like it and maybe not entirely fair but, c'est la vie.
One can not expect government protection against global market forces. The UAE government, EK, EY, Mubadala et al. have absolutely no control over the world forex rates. They do have control over there own currency but chose to do nothing. They do have control over inflation and are taking artificial, long-term detrimental steps to curb this. As for your retirement fund/home currency, you're on your own mate.
#1 - Agreed.
#2 - Why should the employer protect you? You are employed in the UAE by a UAE company and are paid in UAE currency. The retirement fund/mortgage etc. that you have back home doesn't place any obligation on your employer, unless it specifies so in your employment contract. That is your own problem.
#3 - Inflation. Agree. Home currency. Again not the employers problem, but yours. Send back more money or sell the house and buy a cheaper one. Reduce your exposure to currency fluctuations.
#4 - You are not on a short term contract or hardship posting or something similiar. See #2 above.
#5 - UAE contracts. Agree. Your bank account. See #2,3,4.
#6 - You hit the nail right on the head - RISK. But this is a risk that you, me and every expat here took when we willingly came here and willingly signed the employment contract. As for the bosses pocketing millions, don't like it and maybe not entirely fair but, c'est la vie.
One can not expect government protection against global market forces. The UAE government, EK, EY, Mubadala et al. have absolutely no control over the world forex rates. They do have control over there own currency but chose to do nothing. They do have control over inflation and are taking artificial, long-term detrimental steps to curb this. As for your retirement fund/home currency, you're on your own mate.
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Bravo VoxPopuli
Finally a clear explanation of the situation.
Not being able to understand it is could lead you to disaster, since it means you are not aware of the real life risks...
Finally a clear explanation of the situation.
Not being able to understand it is could lead you to disaster, since it means you are not aware of the real life risks...
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Bit slow off the mark guys....
Ummmm....Etihad have been sponsoring Formula 1 now for 4 years. They were in fact the Etihad Aldar Spyker Formula 1 Team which are now Force India. 
Incidently (as briefly covered), Ferrari is part owned by the Abu Dhabi Government's Mubadala Development Company (about 5+%) and as Etihad is also government, part of the same clan. Aldar group are also sponsors and of course government. You will also see on the official Ferrari drivers caps 'Mubadala Abu Dhabi'.
Here endeth the lesson.
Incidently (as briefly covered), Ferrari is part owned by the Abu Dhabi Government's Mubadala Development Company (about 5+%) and as Etihad is also government, part of the same clan. Aldar group are also sponsors and of course government. You will also see on the official Ferrari drivers caps 'Mubadala Abu Dhabi'.
Here endeth the lesson.
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I agree with the original poster with the sponsorship.
If the dollar/dhs devalues to the point where people make the same money in their home countries then they won't come out and the ones here will leave.
Let's be fair, the only reason people come here is to try and make some money, sweeping streets or flying planes.
Why tie the dirham to the dollar? They don't need to?
If the dollar/dhs devalues to the point where people make the same money in their home countries then they won't come out and the ones here will leave.
Let's be fair, the only reason people come here is to try and make some money, sweeping streets or flying planes.
Why tie the dirham to the dollar? They don't need to?
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It's not so easy to separate the dirham andt he dollar, it will take few years.
Looks like Etihad was wise to put the had on the back of the rear aileron, both Ferraris have the pole position, lots of F1 pilots will have the add right in front of them !
Looks like Etihad was wise to put the had on the back of the rear aileron, both Ferraris have the pole position, lots of F1 pilots will have the add right in front of them !
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Ok now that Ferrari won the race, are you gonna continue to cry like babies ? 
By the way, where is the one that started this topic about this scandalous sponsoring ? Inch Allah ?
Really sad to see how some of you wasting their time showing their dissatisfaction. You must have very boring lives.
By the way, where is the one that started this topic about this scandalous sponsoring ? Inch Allah ?
Really sad to see how some of you wasting their time showing their dissatisfaction. You must have very boring lives.
Last edited by sispanys ria; 23rd Mar 2008 at 10:43.