Kuwait, majorly an oil and petroleum dependent country is evolving as one of the fastest developing economies in the Gulf region. By offering higher salaries and many other benefits, Kuwait is attracting workforce from all over the globe. People from all niches are looking for jobs in Kuwait. This post will analyse the evolving employment opportunities in Kuwait with the benefits that employees can get here.
The most developed country in the Gulf region and the Arab league, Kuwait has become the first choice of numerous professionals who are willing to work overseas. On the of the most attractive feature of jobsÂ in Kuwait is that it offers salaries either equal to or higher than the developed western nations, but apart from that it offers a non-tax payment benefit. The employees who are working here and do not hail from the country itself do not have to pay any income tax on their salaries and remunerations.Â At present, Kuwait has several achievements to boast – first, it has the second highest Human Development Index in the world, it is the second largest stock exchange in the Arab countries, it has fifth largest oil and gas reserves in the world and it is the fifth richest country in the world. This makes Kuwait a perfect country to migrate in search of high paying jobs.
Types of companies in Kuwait
As far as industries are concerned, Kuwait has greatly developed itself with a wide array of industries apart from oil and gas companies. However, companies in Kuwait are segregated into four major categories:
1. WLL Companies – The companies with limited liabilities and no-taxes
2. KSC Companies – These are Kuwait Shareholding Companies that pay KFAS and zakat tax.
3. KSC Companies – These are the companies that have been listed on Kuwait’s stock exchange and these pay National Labour Support Tax, zakat tax and Kuwait Fund for Advancement of Science.
4.International Companies – These are the companies that have Kuwaiti partners and these are required to pay income tax as well.
Remuneration and Benefits in Kuwait
When it comes to remuneration, there are several factors to be considered and included in the salaries. Thus, just quoting the average salaries of Kuwait may not justify what all benefits one can enjoy here. While considering the total salaries along with benefits, you can consider living costs and rents etc.Â While some companies offer quite high salaries, others compensate the salaries with the additional benefits like free meals, living space, fuel, transport, phone and much more.
Remuneration and salary benefits also depend on whether you are working for public or private companies, number of employees in the company, the size of your job contract, your age, work experience, qualifications, type of job & industry and sometimes even on your nationality as well.
The best part is that in Kuwait you are only required to work for the scheduled office hours and if you work overtime or work on national holidays, you are entitled for benefits like overtime and other non-monetary benefits. Thus, when yon work in Kuwait, it’s certainly a win-win situation for you as the companies really take care of their employees in terms of high salaries and appropriate facilities.
Apart from colossal amount of incentives and high salaries, the country also offers an excellent infrastructure which includes a well-maintained and extensive network of highways, seaports, airports etc.Â Kuwait offers a congenial working environment and the entire workforce in the country is friendly. The crime rate is quite low and thus, one can feel secure & safe in this Arab country. So, Kuwait can be considered one of the most sought after job destinations.
Current Economy of Kuwait
Kuwait currently possesses a booming economy and this is one of the reasons that so many expats have been moving here in search of job opportunities. Though, the country’s economic success depends largely on the oil and gas industry, but other companies have also started contributing in its economy now. Oil products account for about 50% GDP of the country and around 90% of this is government income, as oil & gas reserves come under government’s property.
These were some prominent features of the country which make it a favourable place to move and work. However, once you plan to move to Kuwait forÂ employment, always carry out a detailed research about the company which you are going to join to avoid any hassle on arriving here.