CBK Terminated All Employee Contracts
I’ve got a friend who works at the Commercial Bank of Kuwait and according to him CBK terminated the contracts of all their employees. Supposedly they are now going to have to sign new contracts but no one knows yet what to expect. No bonuses? Salary Cuts? No one has been told what the new contracts will state…
Update: Buzberry just posted a letter from a CBK employee which you can read [Here]
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Apr 12, 2009
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23 Comments, add your own...
1. teach | April 12th, 2009 at 9:14 pm
Good grief- that’s quite astonishing isn’t it? Is it to do with the world ‘credit crunch’?
2. Frankom | April 12th, 2009 at 9:21 pm
Waiting for their 1st quarter profit for 2009
3. Nobu | April 12th, 2009 at 9:44 pm
Dude, you’re using their old logo.
4. Mark | April 12th, 2009 at 9:48 pm
i know, this is the logo I like :)
http://www.248am.com/mark/kuwait/commercial-bank-of-kuwait-logo/
6. Random | April 12th, 2009 at 11:20 pm
I was surfing the blog’s and found more details on
http://www.buzberry.com/?p=4732
7. lensman | April 13th, 2009 at 1:08 am
Terminating staff during a crisis I believe, only makes things worse.. People lose jobs, consumer confidence falls, economy goes from bad to worse.
8. lensman | April 13th, 2009 at 1:11 am
Mark,
Whats the smiley at the end of your comment page for?
9. nyx | April 13th, 2009 at 1:49 am
Not illegal at all. The company / bank reserves the right to terminate any of its employees’ existing contracts and issue new ones with edited / added legal verbage. I’d look for a golden handshake and settle amicably.
Look on the bright side; there are banks, investment firms and credit rating agencies still hiring voraciously. Gulf Bank is re-structuring and hardcore poaching is on~!
10. Desert Girl | April 13th, 2009 at 7:13 am
Welcome to the New Kuwait.
11. emily | April 13th, 2009 at 9:26 am
Actually, under Article 54 of Kuwait Labour Law, if your employer terminates your employment you are entitled to terminal service indemnity of:
1) ten days wages for each of the first five years of employment and 15 days wages for each year after that (or pro rata’d as appropriate)for workers paid daily/weekly/hourly/per piece.
2)15 days wages for each of the first five years of employment and one month wages for each year after that (or pro rata’d as appropriate)for workers paid monthly.
You do not lose the right to such indemnity unless your employment is terminated for one of the reasons set out in article 55, which include:
a) comitting a falt causing serious loss to employer
b) repeatedly disobeying employers instructions (except where health and safetuy is concerned) – and after employer has followed company policy of disciplinary action
c)absent from work for seven days with no legal reason
d)convicted of a crime concerning honesty, honour or morality
e)commits an act against public morality in place of work
f)assaults a fellow worker during or because of work- and after employer has followed company policy of disciplinary action
g) breaches his employemnt contract or Kuwait Labour Law
h)it is proved s/he used fraud to obtain employment
i)reveals trade secrets
12. Armani Exchanger | April 13th, 2009 at 10:52 am
NBK terminated 20 of her non-Kuwaiti employees with couples of month advance salary.
13. Kuwait | April 13th, 2009 at 2:49 pm
I didn’t know NBK was female.
14. q8shadow | April 13th, 2009 at 3:07 pm
If she is I don’t like her. She is scandalous.
Maybe CBK trying to fire some Kuwaitis lol, renew everyones contract except the bad Kuwaitis ? :p
15. Marzouq | April 13th, 2009 at 3:42 pm
A very sad state of affairs!! They r losing their indemnity which isn’t legal, and CBK will be losing their workforce!
16. Ali | April 13th, 2009 at 4:19 pm
I guess this news is partly true. Since i had a couple of friends and spoke to him and they told me that they are getting the salary in advance and they will be having new contracts with less bonus or no bonus depands on the grade of the employee. But no salary cut so far.
hope for the best .
17. 3azeez | April 13th, 2009 at 10:20 pm
Thats stupid and makes no sense. If workers refuse to sign the new contracts the Bank will be forced to pay millions as the bank will have to pay each employer under Kuwaiti employment laws.
18. apple.pie | April 14th, 2009 at 12:00 am
Isn’t it CBK planning to become Islamic?
19. Hielda | April 14th, 2009 at 9:46 am
Apple.pie ,,,, that is BKME & not CBK
20. sAmUrAi | April 14th, 2009 at 7:22 pm
I got a friend working at CBK, he’d told me CBK’s been in trouble for a long time right after the investment houses started going down.
21. Me | April 15th, 2009 at 8:35 am
looooooool @q8shadow
22. mentabolism | April 16th, 2009 at 8:17 am
does this mean they are in the red…time to stop dealing with them and pull out all your cash??
23. Khaled | April 17th, 2009 at 2:10 pm
Hey mark I would just like to clarify some points on the issue. Here is a link to a post on c&n which i wrote:
http://chartsandnumbers.com/2009/04/13/cbk-offers-employees-no-promises/
thanks
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