Uae Emiratization Expats: Indigenization in the banking and insurance sectors in the UAE; Will Malayalees lose their jobs? – uae central bank considers emiratisation of banking insurance sectors

Highlight:

• The new labor law in the UAE will come into force from February 2 next year
• Only fixed term employment contracts will be accepted in the country
• There will be 40 amendments to the existing labor law

Abu Dhabi: Indigenization as a threat to Malayalees in the UAE. Indigenization in the banking and insurance sectors is under consideration. The Central Bank meeting in Qasr al-Watan was directed to take a final decision on the recruitment of qualified nationals in these areas.

Also Read: New labor law in the UAE from February; Equal benefits to government and private employees; Everything you need to know

If indigenization is strong, foreigners, including Malayalees working in this field, will lose their jobs. Sheikh Mansour Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Central Bank, praised the steps taken by the Central Bank to maintain the financial stability of the country’s banks.

At the same time, the new labor law in the UAE, which comes into force on February 2 next year, will provide equal benefits to government and private sector employees in the country. The new labor law stipulates that there should be no difference between those working in federal institutions and those working in private sector companies in terms of leave and other benefits. Three types of work methods are available for both categories.

According to Act No. 47 of 2021, only fixed term employment contracts can be accepted in the country. The law also stipulates that there should be no discrimination on the basis of race, color, gender, religion or nationality in employment. Jobs should not be denied on the basis of disability. UAE President Sheikh Khalifa bin Zayed Al Nahyan has announced 40 new amendments to the existing labor law. The new law comes into effect as the country prepares for the next 50 years.

The new labor law amendments are aimed at making the UAE’s labor market more efficient by giving equal rights to public and private sector employees. Abdul Rahman Al Awar informed. It is estimated that it will be able to attract the best job seekers to the country. He added that with the coming into force of the new law, the gap between jobs in these two sectors will almost disappear.

Also Read: Expatriates can get government jobs in Dubai: Salary over Rs 6 lakh

One can engage in multiple work practices at a time. However, the maximum working hours should not exceed 48 hours per week. Under the part-time employment system, an employee can work for a fixed period of time under more than one employer. You can work directly on the job site or online.

The stench from the house … the old man’s corpse when I went to look!

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