Dubai: The Central Bank of UAE has directed all banks operating in the country not to terminate their UAE national employees as part of any job cuts in response to COVID-19 outbreak.
In a circular issued to banks, the CBUAE said: “Due to circumstances relating to COVID-19, the higher committee tasked follow up implementation of Emiratisation strategy in the financial sector has decided to postpone achieving 2020 targets, provided that the Emirati (bank) staff are retained and their services are not terminated as a consequence of the above critical circumstances.”
As part of the requirements relating to Emirati staff, CBUAE has asked all banks to notify its banking supervision department of any planned amendments to the positions or roles of their UAE national staff.
“The services of banks’ Emirati staff should not be terminated due to the impact of COVID-19,” the CBUAE circular to banks said.
The central bank has clarified that resignations by employees on their own or termination due to a breach of job duties as per law and prevailing regulations is allowed.
While asking the banks in the country to adhere to ministerial decision no 212 on regulation of employing nationals in the private sector, the central bank has asked all banks not to cut the salaries of Emirati staff due to the impact of COVID-19.