INTERNATIONAL Kuwait: Banks may be forced into expat layoffs
6 July 2012
Local banks might find themselves with no option but to make foreign staff redundant if new laws force them to up the percentage of Kuwaiti staff.
Fri, 6 Jun 2012
Local banks might find themselves with no option but to make foreign staff redundant if new laws force them to up the percentage of Kuwaiti staff.
The newspaper Al-Qabas reports that a new condition added to a 2009 law would see the required percentage of local workers in private sector firms increase from 60% to 66%, with the banking sector reported as being particularly likely to require such resultant cuts.However, it notes that one alternative would be so-called ‘fake hiring’, where Kuwaiti citizens are paid to stay at home.
The paper also notes: “Many Kuwaiti jobseekers back away from applying to work at bank when they realise following the interview that they can get paid better while working with less productivity and less working hours at the public sector.”
Local banks might find themselves with no option but to make foreign staff redundant if new laws force them to up the percentage of Kuwaiti staff.
The newspaper Al-Qabas reports that a new condition added to a 2009 law would see the required percentage of local workers in private sector firms increase from 60% to 66%, with the banking sector reported as being particularly likely to require such resultant cuts.However, it notes that one alternative would be so-called ‘fake hiring’, where Kuwaiti citizens are paid to stay at home.
The paper also notes: “Many Kuwaiti jobseekers back away from applying to work at bank when they realise following the interview that they can get paid better while working with less productivity and less working hours at the public sector.”
