Exchange rates & Wages

Old Jul 21st 2011, 9:46 am
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Default Exchange rates & Wages

Do you think it is reasonable to ask for a wage increase if your home country currency is on the rise.

I have a mortgage back home and exchange rate has gone up 100% (the wrong way) since I moved here.
The amount of $$xx per Dirham is starting to make it unfeasible for me to bother here.

In some sense I feel I could ask for a wage increase on those grounds, but on the other hand if the whole workforce starts asking for wage adjustments on currency then wage costs will go through the roof.
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Old Jul 21st 2011, 10:10 am
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
Do you think it is reasonable to ask for a wage increase if your home country currency is on the rise.

I have a mortgage back home and exchange rate has gone up 100% (the wrong way) since I moved here.
The amount of $$xx per Dirham is starting to make it unfeasible for me to bother here.

In some sense I feel I could ask for a wage increase on those grounds, but on the other hand if the whole workforce starts asking for wage adjustments on currency then wage costs will go through the roof.
No.
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Old Jul 21st 2011, 10:18 am
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Default Re: Exchange rates & Wages

Okay, thanks for the direct answer, well I suppose this is British Expats website afterall.

No point in you guys remitting back to a rabble is there....?
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Old Jul 21st 2011, 10:19 am
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
Do you think it is reasonable to ask for a wage increase if your home country currency is on the rise.

I have a mortgage back home and exchange rate has gone up 100% (the wrong way) since I moved here.
The amount of $$xx per Dirham is starting to make it unfeasible for me to bother here.

In some sense I feel I could ask for a wage increase on those grounds, but on the other hand if the whole workforce starts asking for wage adjustments on currency then wage costs will go through the roof.
No. Would you have accepted a pay cut if the exchange had moved in the other direction?

Would love to know what currency you are referring to. I know the Ozzies have been hit hard, but 100%?
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Old Jul 21st 2011, 10:35 am
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
Do you think it is reasonable to ask for a wage increase if your home country currency is on the rise.

I have a mortgage back home and exchange rate has gone up 100% (the wrong way) since I moved here.
The amount of $$xx per Dirham is starting to make it unfeasible for me to bother here.

In some sense I feel I could ask for a wage increase on those grounds, but on the other hand if the whole workforce starts asking for wage adjustments on currency then wage costs will go through the roof.
100%?? No.......

The Aussie Dollar was worth about AED 2.25 in late-2008, and is now worth almost 4.00, but I cannot think of anything that has risen 100%. As the USD/AED rate is fixed, it would have had to double in value v USD.

Salary adjustment? I have heard of a very few lucky people who have a 'currency offset' element in their package, but it's rare..... and the employer might say (as someone else suggested): "Your currency has weakened, so no pay rise for you".

In any case, if your outgoings are all here (family, schools, etc), why does the exchange rate matter?
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Old Jul 21st 2011, 10:36 am
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Default Re: Exchange rates & Wages

Originally Posted by Millhouse
No. Would you have accepted a pay cut if the exchange had moved in the other direction?

Would love to know what currency you are referring to. I know the Ozzies have been hit hard, but 100%?
Yes Aussie, but Kiwis are in the same boat. It was 60c when I arrived and now up to 110c

I understand the argument about the rates going down, and fair cop to that.
But I am the only Aussie in a firm of US, Brits etc, and it looks like I'm the only one copping it in the pocket for a booming economy.

Real tough first world problems hey, but I thought I would sound out the idea before I brought it up with the purseholder
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Old Jul 21st 2011, 10:38 am
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Default Re: Exchange rates & Wages

Originally Posted by The Dean
100%?? No.......
okay 80-ish% but you get the drift, the extra %'s come from the interest rate rises we've had
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Old Jul 21st 2011, 1:27 pm
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
okay 80-ish% but you get the drift, the extra %'s come from the interest rate rises we've had
I see you pain for sure. I know a few knuckleheads - sorry ozzies - - that kept all their savings here AND bought into property here - now that must hurt.

To be honest, if it's no longer working for you and your options are leaving or asking for a rise then go for it. Personally I would try and justify a rise on a different basis than increase in costs in your home country.

Good luck.
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Old Jul 26th 2011, 10:54 pm
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
Do you think it is reasonable to ask for a wage increase if your home country currency is on the rise.

I have a mortgage back home and exchange rate has gone up 100% (the wrong way) since I moved here.
The amount of $$xx per Dirham is starting to make it unfeasible for me to bother here.

In some sense I feel I could ask for a wage increase on those grounds, but on the other hand if the whole workforce starts asking for wage adjustments on currency then wage costs will go through the roof.
While I feel your pain, you sound like a bit of a retard. You agreed a salary/terms and moved here. Tough luck! As someone else pointed out, if the exchange changed the other direction would you be willing to accept the reduction?

Away home son.
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Old Jul 27th 2011, 1:04 am
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Default Re: Exchange rates & Wages

My old man had a salary in ECU for awhile. Being dependent on $$$..worked out bad. Would have been marvelous now.
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Old Jul 27th 2011, 9:02 am
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Default Re: Exchange rates & Wages

Originally Posted by Brains1983
While I feel your pain, you sound like a bit of a retard. You agreed a salary/terms and moved here. Tough luck! As someone else pointed out, if the exchange changed the other direction would you be willing to accept the reduction?

Away home son.
You are the retard my son. Who said that I moved here for my current job?

If the exchange rates moved in the other direction I would already be reaping the benefits just as any Brit or Greek would be now with their European Pesos.

ps. Thanks for the serious replies back. Much appreciated. And I would never ever ever buy property here
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Old Jul 27th 2011, 10:30 am
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Default Re: Exchange rates & Wages

Originally Posted by Bongoman2
You are the retard my son. Who said that I moved here for my current job?

If the exchange rates moved in the other direction I would already be reaping the benefits just as any Brit or Greek would be now with their European Pesos.

ps. Thanks for the serious replies back. Much appreciated. And I would never ever ever buy property here
Of course that all depends on whether your contract is denominated in AED or in £'s and then converted..... Mines in £'s and I feel the paid of an exchange rate that was once AED7+:£1... but as others have said thats just tough luck and get on with it.
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