Travel and tourism workers endured biggest wage cuts, longer furloughs during COVID-19

Dubai: Those employed in the travel and tourism industry in the UAE and elsewhere suffered the most from job losses and pay cuts as COVID-19 struck and businesses took immediate action to stem their losses.

The numbers are showing the extent of it – 58 per cent faced pay cuts and 13 per cent said they were furloughed. There was some respite in the final weeks of last year, but more travel and social movement restrictions will delay further gains up until summer.

It was the same situation for those professionals in the education sector, with 5 per cent having to go on furlough and 52 per cent making do with salary cuts.

The report is based on a survey of 1,481 accounting and finance professionals in China, India, Saudi Arabia, the UAE and the US done by the IMA (Institute of Management Accountants). Respondents were evenly divided among these five countries with more than one-third of them being women and the percentage ranging from a high of 51 per cent in China to 18 per cent in Saudi Arabia.

Professionals in accounting and finance were better protected against the threat of job losses, as were those in IT, telecom, banking, and real estate. But all manner of jobs will feel some residual impact from the long shadow cast by the pandemic.

Raef Lawson, Vice-President, Research and Policy Professor-in-Residence at IMA said, “Many finance professionals are voicing their concerns about the evolving skillsets required post-COVID-19 and many are now working on improving their skills across a wide range of topics. One thing is clear: the pandemic has accelerated changes within the field of finance and accounting; finance professionals must work to enhance their skills in order to maintain and advance their careers.”