By Sam Bridge
New legislation at Abu Dhabi Global Market cover issues such as overtime, benefits, sick leave and notice periods
Abu Dhabi Global Market (ADGM) has issued new employment regulations, replacing its previous legislative framework regarding employment matters.
The new legislation takes into consideration the public consultation that was undertaken earlier this year to review and improve ADGM’s regulations.
The financial hub said in a statement that the new rules strengthen ADGM’s employment framework in the interests of both employers and employees.
The amendments were formulated after the ADGM Registration Authority conducted a thorough multi-jurisdictional benchmarking exercise to promote the highest standards in employment practice among firms operating on Al Maryah Island.
The key changes introduced include new overtime provisions for employees, aligning certain employees’ entitlements with those on shore including repatriation flight tickets and sick leave and changes allowing employers and employees more flexibility in negotiating notice periods.
They also introduce protective provisions for youths aged between 15 and 18 years and bring in a discretionary power to the ADGM Courts to impose a penalties on employers for failure to pay employees’ entitlements due on termination.
Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “ADGM has been listening to employers and employees and working closely with stakeholders as well as market experts to improve the ADGM’s employment framework.
"The new changes, together with the existing world-class legislative and regulatory framework, is part of ADGM's ongoing commitment to international best practices, and will support ADGM entities to attract and retain the best talent available."
Earlier this year, Dubai International Financial Market updated its employment law.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.