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Monday , November 19 2018

Need to apply Private Sector Labor Law on banks staff: MP

Panel deliberates on proposed re-integration of PAYA & MYA

MP Saleh Ashour

KUWAIT CITY, May 24: MP Saleh Ashour has stressed the need for the minister of finance and the Central Bank of Kuwait (CBK) governor to apply the Private Sector Labor Law and its amendments on the banking sector employees, indicating banks should grant privileges stipulated in the law to their employees who retired or were terminated.

He pointed out that the budgets of banks include a clause on end-of-service pay; stating that in 2017, several Kuwaiti banks and companies accounted for end-of-service benefits for Kuwaiti employees retroactively in their profit and loss statements to ensure the financial position in the balance of provisions related to the indemnity of Kuwaiti employees.

He added these financial statements are prepared in accordance with international standards for financial reporting and are audited by international auditing companies under the control of regulatory bodies, such as the Capital Markets Authority and CBK.

Meanwhile, MPs Riyadh Al- Adsani, Youssef Al-Fadala, Abdul Wahab Al-Babtain, Ali Al-Dukbasi, Abdullah Al-Roumi, Abdulkarim Al-Kandari and Rakan Al-Nisf on Thursday forwarded a letter to Speaker of National Assembly Marzouq Al-Ghanim demanding for commissioning of the State Audit Bureau (SAB) to prepare a report on the implementation of chapters seven (social benefits) and eight (other expenses and transfers) in the budget of the Council of Ministers from Jan 1, 2016 to May 31, 2018.

The lawmakers stated in their request that the Council of Ministers met on May 21, to discuss the allegation that some members of the Assembly received financial assistance from the government. They emphasized the need to clarify the law on linking budgets and processing financial transactions to uncover irregularities, if any.

Moreover, the Youth and Sports Committee deliberated on the proposed re-integration of the Public Authority for Youth Affairs (PAYA) and the State Ministry for Youth Affairs (MYA) in the presence of State Minister for Youth Affairs Mohammed Al-Jabri and Undersecretary Sheikha Al-Zain Al-Sabah.

By Abubakar A. Ibrahim Arab Times Staff

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