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Courtesy: Ingram Micro
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http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=392486
Facing challenges
Posted on » Tuesday, December 23, 2014
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New country, new people, new work environment, opportunity to learn a new culture and a tax-free salary package; a dream for any expatriate to choose to work in the Gulf countries. However, the initial excitement fades away if homework is not done properly. Later, it turns into a challenge as well.
Income of an expatriate has to be divided into three '“ one portion to spend for living here, one portion to be sent home to take care of their parents or family left behind, and the third goes into future planning '“ as most of them have pension-less jobs offering no security post retirement.
So the direct conversion of dinars into home currency might have created an excitement, but when the same gets divided into three portions, it makes you blink at the stark reality. One has to lead a below average life here to save for the other two portions.
The income tax-free package too turns out to be an illusion as huge expenses are involved in annual travel back home and buying gifts for near and dear ones.
Insurance, investments in mutual funds, equities or properties, home loan, personal loan and equated monthly instalments eat away any of your desires of leading a comfortable life. And most importantly, when one works long enough in the Gulf and returns home he or she realises that all their lives were squandered thinking about tackling the future, with no focus on the present.
People from developing economies get excited about the improved conversion rates on their currencies. They have apps installed on smartphones or laptops to constantly check the current rate.
But stop for a moment and think whether the increase of one point (or one unit) gives people back home any increased buying power. Does the cost of living offset the additional income?
Websites that offer free financial consulting, retirement planning and investment tips scare you when they calculate and present that you need few tens of thousands of dinars today to lead a better post-retirement life. And how in the world the average earning expatriate is going to generate this few tens of thousands of dinars in one go?
Gulf countries do not offer citizenships or long-term residence permits. A few avenues have opened up such as residences for business owners and property investors. However, not all expatriate employees can avail of these benefits.
Dollar pegging keeps inflation under control, which makes employers to keep the salary levels same for several years altogether.
Therefore, the financial growth is fairly static over the years while the industry's salary standards grow constantly, if not dramatically, across the world.
So, after spending several years, one may find their peers back home are more or less getting the same salaries as you do and are lucky enough to spend their lives with their families.
Mohan Krishnamurthy
http://www.gulf-daily-news.com/source/XXXVII/278/pdf/page06.pdf
http://www.gulf-daily-news.com/source/XXXVII/278/pdf/page07.pdf
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I STILL remember the day when we got our first television set. It was a different experience. A 12-inch black and white television, with a huge towering antenna, we often use to rotate to get clear signals. One odd programme for children and the rest some stuff which we couldn't understand or follow those days. Parents didn't stop us from watching it.
On the contrary they found it a tool to keep us home. Yes, they were tired of seeing us playing on the streets, coming home with bruises and cuts. Our clothes needed a change after every street game adventure as we used to come home soaked in sweat. Radio never needed as much attention as television demanded. You can switch on the radio and keep doing your work. But television was a crowd puller. A fascination-turned-pain before we realised. It got into our drawing room and slowly started controlling our thoughts and minds.
Unknown people started entering our home to watch programmes that were aired only between 6pm and 10pm. People used to gate-crash to watch poll results, movies or cricket scores. My mother enjoyed the recognition she got among the group as a first television owner. After the initial hospitality, my mother realised that it was going to be a Herculean task to extend the hospitality almost on a daily basis. But it was fine. We started having more unknown guests through the television itself. People were airing their views on dramas, songs, movies and debates.
With the Internet, paging, mobile and thousands of television channels, we, the public face a challenge. What to believe and what not to. What to follow and what not to. While the Internet and information technology innovation holds millions of pages of information, often we find facts are distorted, misrepresented or the truth totally blacked-out. For anything there are hundreds of views. Even scientific facts are denied, questioned or rejected altogether. Often the website reflects the owners' views and sometimes very aggressive efforts to force them on to readers. Rumours now travel at the speed of light with mobile voice, SMS and MMS. More misuse of technology rather than right use of it.
The younger generation spends time on books at schools, televisions and computers at home, hence giving birth to a new species - the couch potato. Reading books, watching television and sitting on computers for hours together negate any scope of physical exercises, handicraft, arts and literature.
Information availability is effortless nowadays, at the "click of a mouse-button" as they say. No need to discuss with elders and learned men, no peer discussion, no debate and no research by reading books from the library. In fact, if you seek any information from your friends, please do not be surprised to receive a standard answer - "Search on the Internet". But what is the accuracy of such easily available information. Is the right amount of information with accuracy reaching our children?
Creativity and innovation that existed among previous generations are scarcely found in the present one. We should not forget the growth in information technology, communications, space; aviation and automation are the fruits of man's creativity. The desire to discover, the fire to invent and curiosity to share the success have made us to see the 21st century of the world.
We must not let this creative fuel run out, particularly from our children. Schools, colleges and universities need to develop curricula that includes physical exercise, outdoor games, drawing, painting, carpentry, pottery and other handicraft courses. Parents need to spend more time with their children and help them balance between television, computers and other activities.
Yes, the older generation has a challenging task to pass on not only its technology and inventions, but also the phenomenon behind these inventions - creative thinking
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