Kochi (Kerala), Dec 1 (ANI): Millions of Indians in Gulf countries are working under the fear of job loss. Some have been asked to go on long leave while some are getting half or a quarter of their salary.
Employees working in Dubai and adjoining regions are living in with the anxiety that the current Dubai debt issue will worsen the global economic crisis of the past years and a half.
The UAE government-owned holding company Dubai World is seeking extension of repayment of debt amounting to 59 billion dollars till May next year, and this has spooked worries that it may lead to large scale job losses and an exodus of the workforce back to India.
NRI Josemon Mathew who has lived and worked in Dubai and Sharjah, is one who has been effected by the recent crisis. He has now applied for a new job offering half of the salary he was used to.
"Last year onwards, everyone in Dubai experienced either loss of job or a salary cut. Most of the people were asked to go on long leave and some of them were getting half or quarter of the salary.
This created chaos. People were working under constant fear," he said.
"Even the companies which were in profit started cost cutting, reducing work force and such things as companies got panicked due to the rumors spread about the crisis. Some companies in profit took advantage of the situation and started to throw out the employees without reason. This gave a wrong message to the whole world. These are the reasons why thousands of people coming without job," he said.
Josemon further said that being an expert in insurance company he felt the effect of crisis majorly in real estate and construction sector, as it is the backbone of Dubai.
"I have a wide experience in the General insurance sector in UAE. The major sector, which is more affected by the crisis, is Construction sector. The construction sector is the back born of Dubai Economy. All other industries are in a way or another connected to construction sector. When the construction stops others are also forced to stop, because the money flows from this sector," he added.
Million of workers from India are employed in realty and other sectors in Dubai and other Middle East cities.
Indians form 42.3 per cent of the population of Dubai. By Juhan Samuel (ANI)