Coronavirus impact: UAE banks plan 10-15% cut in workforce

Dubai - Four out of five people in the global workforce are affected by full or partial workplace closures: ILO

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.
Also read: Hiring could pick up in UAE from September
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.
waheedabbas@khaleejtimes.com