PAY rises to help Bahrain’s workforce cope with higher costs of living are unlikely, according to businessman and former MP Abdulhakim Al Shammary.
He said it was not “feasible”, pointing out that the private sector was also suffering as a result of higher power, water and fuel charges, in addition to fee increases that were driving up the cost of doing business.
In fact, he said the country’s current economic situation was so serious that it could affect “the next three generations”.
“It is not feasible at this point to increase salaries because of our deficit and expenses, but Bahrainis could receive monetary aid (from the government) because of the rise in prices – like the meat allowance since 2015,” he said.
“Bahrain should maintain its position in these difficult economic times to attract foreigners and at the same time work on mechanisms to ensure they face minimum impact from inflation.
“The present financial situation is so serious and critical that it may affect the next three generations, in my opinion.”
The Bahrain Chamber of Commerce and Industry (BCCI) board member has been particularly affected by this month’s fuel price increase, since he owns a transport company.
He said firms in the sector had been reorganising to keep costs down.
“Many transport companies that own trucks and buses are restructuring their operations by reducing their trips to save fuel costs, while others are relocating their business engagements,” said Mr Al Shammary, who heads the BCCI transport committee.
Meanwhile, Bahrain Human Rights Watch Society secretary general Faisal Fulad called for big companies and wealthy families to contribute.
“We can’t treat this situation by giving pain relief in the form of increasing fees, what we need is surgery to get out of it,” said Mr Fulad.
“This is the time for wealthy families and large companies in Bahrain to be taxed and they should repatriate their assets from offshore accounts.”
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