Cbk Planning To Retire Many Long-term Staff

The Central Bank of Kuwait (CBK) has started taking procedures to refer a number of employees for retirement as they have been in service for more than 30 years, except those occupying senior positions (department directors) due to their experience, reports Al-Qabas daily quoting sources.

Clarifying that only two senior officials are exempted from the decision, sources affirmed this decision will pave way for qualified young employees to prove their ability in managing advanced systems and carrying out the tasks of the bank – including cash strategies, monitoring policies, banking works, economic studies and automated systems.

Sources said the decision is in line with the commitment of the bank to regulate operative expenditures in its budget for fiscal 2018/2019 based on the Cabinet’s decision issued on March 1, 2017 and letter of the Ministry of Finance dated May 17, 2017 about the retirement of employees who completed 30 years in service and ending the contracts of several expatriate employees as well.

Sources disclosed the retired Kuwaiti employees will be granted additional financial privileges such as nine months salary, extending the health insurance period, legal reward and indemnity approved by the Central Bank.

Sources added the contracts of 12 expatriate employees have been terminated and they were given three months grace period according to the contracts they signed.  Sources said these expatriates did not receive additional rewards except those defined by law.

The cooperative societies sector has completed preparing an integrated study for adopting electronic voting (e-voting).

According to informed sources, the aim of this process is to put an end to any shortcomings that may occur in elections by hand or double voting in more than one cooperative society.

They said they are expecting the process to be implemented after coordinating with Ministry of Interior to adopt the fingerprint system in e-voting.

 

SOURCE : ARABTIMES

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