forex difference in salary

SBPHI New member

7POSTS

11 years ago

hi, my contract is fixed in usd and the time it was joined, it was converted in KWD and that is been paid every month.

Recently there is a huge difference in forex while converting USD to KWD. How can I solve this.

See also

Finding work in Kuwait - Guide
SALARY OF 1300 KWD? DENTIST - 44 Replies
University Staff Salary - 1 Reply
assistant professor salary in Kuwait - 20 Replies
Teaching Salary in Kuwait - 44 Replies
Doctor's Salary in Kuwait - 15 Replies
170kwd salary - 5 Replies

SBPHI New member

7POSTS

11 years ago

SBPHI wrote:
hi, my contract is fixed in usd and the time it was joined, it was converted in KWD and that is been paid every month.

Recently there is a huge difference in forex while converting USD to KWD. How can I solve this.

SBPHI New member

7POSTS

11 years ago

urgently reply on the forex difference on my salary

Enigmausly Serial expat

220POSTS

11 years ago

Not sure I understand what your trying to fix... if your contractual monthly settlement is based on USD, and your physically paid in KWD, there will always be a fluctuation in pay month to month according to exchange rates ... sometimes it will be in your favor, sometimes not (right now it would be 'in' your favor, so what would you complain about?) ... is this the question?

SBPHI New member

7POSTS

11 years ago

Hi when my salary was fixed, the forex rate was 3.54 and it is 3.30. So there is a difference of 7 %, which I am losing every month against KWD salary.

Enigmausly Serial expat

220POSTS

11 years ago

you said your contract had a fixed USD rate... yes or no?

SBPHI New member

7POSTS

11 years ago

yes

Enigmausly Serial expat

220POSTS

11 years ago

ok ... divide 1000 usd by 3.54 ... = 282 KD

and then divide 1000 usd by 3.30 ... = 303 KD

your making 8% more ... lol

SBPHI New member

7POSTS

11 years ago

you are right my friend. But I am getting only KWD 282. Hope now you understand. Ohhh

Enigmausly Serial expat

220POSTS

11 years ago

#10

then your contract is fixed to KWD not USD

legacy Kuwait Expert

3431POSTS

11 years ago

#11

i can try to shed some light here; when i worked for UASC my salary was calculated in USD and paid in KWD, when i FIRST JOINED, they gave me an option, to keep the rate floating or to fix it, the "fixed rate" was higher than the market rate, so i signed a piece of paper saying i agree that this will be fixed for the duration of my employment.

if u signed something similar, then u will not be able to back out of it.