UAE: Banks to Layoff 10-15 Percent of Workforce

Published June 9th, 2020 - 08:00 GMT
UAE: Banks to Layoff 10-15 Percent of Workforce
Four out of five people in the global workforce are affected by full or partial workplace closures: ILO. (Shutterstock)

In the UAE, hospitality, real estate, retail and professional services sector have mostly seen layoffs in the last few months since the outbreak of coronavirus.

"Financial services sector has started to make changes in headcount since last few weeks and we are anticipating 10-15 per cent reduction in workforce. Once the head count correction is complete in financial services and energy sector, we may see more cuts in reward & benefits as well in these," according to Vijay Gandhi, regional director, Korn Ferry.

International Labour Organisation has said that more than four out of five people (81 per cent) in the global workforce of 3.3 billion are affected by full or partial workplace closures. It said large reductions are foreseen in the Arab states which is 8.1 per cent or equivalent to 5 million full-time workers.


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