Thursday, December 4, 2008

Kuwait banks to dismiss employees

I have been hearing rumors about the upcoming lay-offs for quite some time now. With the current crisis this move should have been easily foreseen. People just have to hope for the best but prepare for the worst I guess.

According to Zawya...
KUWAIT: Mansour Ashour, the Chairman of the General Union of Banks announced that some local banks plan to dismiss a large number of employees, in the wake of the global economic meltdown. 

This move will negatively impinge on bank employees who rely on their salaries to provide for their families, reported Al-Qabas. Ashour said that employees are apprehensive about the banks' decision to cut jobs and that he has requested the Governor of the Central Bank of Kuwait to intervene. Ashour said that the Central Bank should lay down certain conditions before shoring up local banks. (Zawya)


HSS said...

Kuwait is a mixed economy with a hint of socialist doctrine.. i don't think that the Kuwaiti government will allow banks to lay of workers* it will give the banks capital infusion and demand that Kuwaiti employees stay in there current positions, Furthermore Banks might cut salaries in order to avoid redundancies

* The Kuwaiti Government has no obligation to stop redundancies but i believe that they will do what ever it takes to protect there citizens interest wither they were the employees or employers

HSS said...

there= their

Mukhber: gr8 site keep the interesting posts comming