Sectors study reduction plan

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KUWAIT CITY, Apr 12: A number of economic sectors are currently studying ways to overcome the crisis that banks are applying now; such as 30 percent reduction in the salaries of officials like board chairpersons, chief executives, their representatives and general managers; and cancellation of bonuses (rewards) and special privileges, reports Al-Qabas daily quoting sources.

Sources emphasized that the steps taken by banks, according to the directions and needs of each bank, can be a model for other sectors; considering banks have taken a firm decision not to lay off Kuwaiti employees and expatriates whose services are needed by the sector at this stage until the situation returns to normal after the end of the coronavirus crisis.

Sources clarified these measures are not compulsory, as they fall within the framework of moral responsibility towards shareholders and the government is not involved in this matter.

Sources said these measures are just temporary; affirming the salaries, bonuses and other benefits will be paid again once the crisis and its repercussions are completely eliminated.

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