KUWAIT CITY, March 4: The Public Authority of Manpower (PAM) is contemplating to issue a decision to increase the fine from KD 100 to KD 300 for companies which fail to abide by the percentage of national manpower next April, reports Al-Rai daily.
A knowledgeable source at the PAM said the new draft law on the proportion of national employment in the private sector does not contain any exceptions to the professions in the Kuwaiti labor market, noting that the non-compliant companies shall pay KD 300 for each worker.
The source pointed out the draft law states that 4 percent of total employees and workers should be Kuwaitis in the general trade and contracting sector, stressing that the success of the decision depends on applicability in government contracts.
The source added the objective of the decision is not the collection of fines from the violators, but aims to attract the national manpower in the private sector, especially as some companies prefer to pay the fine to employ citizens since the cost is much more when it comes to employing the Kuwaitis.
Meanwhile, national oil companies of Oman, Kuwait and Abu Dhabi are in talks to buy up to 24 percent stake in the Bina refinery of Madhya Pradesh, India, reports Al-Rai daily. The Oman Oil Co, Kuwait National Petroleum Co and Abu Dhabi National Oil Co have evinced interest in buying stake in the Bina refinery. Oman Oil, which is an existing partner, has expressed interest in making further investments.
“The Indian market is one of the fastest growing which explains the interest from international companies. As for Bina refinery, it is a good functional refinery. “There is no gestation period involved which makes it an attractive bet for investors,” said K. Ravichandran, senior vicepresident and group head, corporate ratings, ICRA Ltd.
ICRA Limited is an Indian independent and professional investment information and credit rating agency. It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited.