Workers' salaries cannot be reduced in response to the virus outbreak, either.
Banks in the United Arab Emirates are not permitted to terminate the contracts of citizens due to the implications of the coronavirus pandemic, the central bank said in a statement on Thursday.
The order does not include Emirati employees who have resigned or breached job duties that require letting them go, the regulator said. Workers’ salaries cannot be reduced in response to the virus outbreak, either.
The Gulf nation earlier allowed private companies to alter employee contracts, allowing them to reduce salaries, and extend leaves. The vast majority of private sector workers are expatriates. The central bank also encouraged lenders to take advantage of the support provided by the government to stabilize the private sector.
The UAE has reported a total of 5,825 virus cases, including 35 fatalities. It has already halted flights, shut down malls and rolled out billions of dollars-worth of stimulus packages in an effort to counter the effects.