Saturday , September 23 2023

‘Bank sector largest employer of Kuwait national workforce’

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Nat’l employment increased from 34.9 percent to 77.3%

KUWAIT CITY, Sept 1: The Chairman of the Board of Directors of the Kuwait Banks Federation, Sheikh Ahmed Duaij Al-Sabah, said that the banking sector is the largest employer of the national workforce in the private sector, and is the most attractive sector for graduates looking for distinguished job opportunities, reports Al-Rai daily. Al-Sabah added that working in the banking sector contributes to realizing the ambitions of young national cadres, by supporting them in creativity and success, pointing to its contributions to qualifying and training young national cadres, to keep pace with global developments in the banking industry as one of the goals of sustainable development. He added that the banking sector indirectly contributes to raising the degree of employment of national labor, through the role it plays in financing various projects and activities, which provide job opportunities for citizens and raise growth rates in the national economy.

Al-Sabah explained that the average percentage of national employment in all local banks (Kuwaiti banks and branches of foreign banks) increased from 34.9 percent in 2000 to 77.3% at the end of the second quarter of 2022, indicating that the percentage in Kuwaiti banks rose to 77.5%, exceeding the percentage prescribed for the banking sector, which was set at 70 percent, according to Cabinet Resolution No. 1868 of 2018 amending some provisions of Cabinet Resolution No. 904 of 2002 determining national employment rates with non-governmental entities. He stated that the percentage of national employment ranged between 71 and 84 percent in Kuwaiti banks, and that in contrast, the percentage of expatriate workers in Kuwaiti banks decreased from 65.1 percent in 2000 to about 22.5 percent at the end of the second quarter of 2022.

Al-Sabah stated that the total number of Kuwaitis in the banking sector rose from 1,543 workers at the end of 2000 to 10,552 workers at the end of the second quarter of 2022, with an average annual growth rate of 9.4 percent by the end of 2021. He revealed that the percentage of national labor in foreign bank branches increased from 49.1 percent in 2008 to 71.9 percent at the end of the second quarter of 2022, and the proportion of expatriate workers decreased from 50.9 percent at the end of 2008 to 28.1 percent at the end of the second quarter of 2022.

Al-Sabah stressed the great interest that the banking sector attaches to women in general, especially Kuwaiti women, as Kuwaiti women constituted 82.3 percent of the total number of women working in the banking sector, which is 4,953 female workers, representing 37 percent of the total number of workers at the end of December 2021. He noted that women have assumed many senior positions in the banking sector, starting from the level of chief executive, passing through the leadership of various departments and sections, at a time when training programs are provided to empower women and help them advance careers, within the sustainable development goals for gender equality, empowering women and enhancing their role in various fields.

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