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prepare yourselves for the worst just because official media outlet don’t reports on ensuing economic problems, that does not mean the problems don’t exist,for long time the state media mouthpiece has painted a dandy and Rosie pictures of the so called “market economy achievement”
I have advocated against the model for long time and now we are witnessing the results ,the worst has yet to come.

The problem happening abroad are the insane cut-backs in all sectors, but if you look at the executives, they still got their bonuses (some were in the 7 digit numbers), and yet they fire people claiming recession and economic downturns.

In Jordan we are finding the trend although not so marked and blatant, but it is a handy excuse, and since we are known for excuses lets use this one as well, the execuses span the companies not paying wages on time, or firing people and we can go on and on…
According to the officials we might not have been hit as hard as others but still the worse is yet to come.
It applies to the hiking of prices too when gasoline prices soared some companies raised their prices claiming fuel prices, then when it went down they still kept their prices up…
And there you have any excuse at any time.

انا كنت اعمل في القطاع المصرفي واستقلت من فترة وجيزة لكن لم يتم تسريحي ولم يتم تسريح أي موظف في البنك الذي كنت اعمل به لان مركزه في السوق قوي جداً ، ولكني سمعت من زملاء قي بنوك اخرى قد سمعوا عن شائعات تخبر أنه هناك تسربح لبعض منهم ؟

http://www.alrai.com/pages.php?opinion_id=10067

معك حق هناك ركود اقتصادى فى الاردن انا لا اعمل فى القطاع المصرفى بل فى القطاع التعليمى و اشعر بالركود لاننى منذ سنتين و انا جلسيت البيت بلا عمل و انا حاملة شهادة بكالوريوس معلم صف و لدى خبرة فلماذا لا اعمل ؟فانا ايضا اريد اجابة على هذا السؤال فما مصير المتعلمين مثلى فنحن طموحنا كان الحصول على الشهادة الجامعية لاننا نحصل على فص اكبر للعمل و لكن اين تلك الفرص و ماذا اعمل هل انتظر فى البيت عالة على المجتمع ام ان هذا المجتمع كفيل بتامين عمل لى و لغيرى

Unfortunately many banks and companies are using the global financial crisis as an excuse to lay off people as they can thus bypass criticism. Banks, being regulated solely by the Central Bank, and having tightened unnecessarily the credit market since they are lending basically to government at 7.25% will have to lower costs to show profits. Employess of the banking sector, being among the highest paid in Jordan, will this way bear the brunt of bad management (lower costs instead of increase revenues to increase profits).

Companies are using the same technique to shed employees with the excuse that they are restructuring to adjust to the crisis. This way they can bypass labor egulations and required steps.

Let it be known that the crisis shoul;d have had a positive impact on Jordan had our economic managers acted proerly or exhibited minimal, not even average, wisdom.

Unfortunately, the worker in jordan, suffering from weak non-existent union power, can not argue his/her case in an institutional setting.

I work in a bank and since th beginning of February around 250 people were laid off, sarcasitically after the announcement of insanely big profits.

I agree with Yusuf, banks now need to cut costs to make up for the revenue decrease anticipated this year. But the question is… If most of laid off people were low cost staff, so how would that contribute to cost cuts? the bank executives earning 6 digit salaries are still in place, not to mention that most of those executives are nonjordanians. Another question is… Was there a set criteria for lay-offs? I think this would’ve been a chance to get rid of poor performers, but instead it was used to settle personal conflicts.

Another point on Jordan getting affected by the global crisis… YES… Jordan is vulnerble to world economy but this would happen indirectly through the gulf… Foreign direct investment will be hit (a big real estate company already started to liquidate its assets). Also Jordanians working in the gulf will start to return, thus increasing the already high unemployment rate.