Overseas Employment Minimum Wage Set

Jan 12 , 2019


Ethiopia and Saudi Arabia have set 1,000 Saudi Riyals as a monthly minimum wage for domestic workers. The agreement was signed between Ergoge Tesfaye (PhD), Ethiopia’s minister of Labor & Social Affairs, and Abdullah Abuthnain (PhD), Saudi’s minister of Labour & Social Development, early last week. The two countries signed a labour exchange agreement back in 2017 and have been negotiating to implement the agreement. After they ink the deal, the two parties have formed a committee that will be negotiating details including setting a minimum wage. After the new detailed agreement, another committee was formed that will meet every half year to evaluate the applicability of the agreements. The two countries will exchange detailed documents via their embassies. Ethiopia has more than three million migrants in different parts of the world. And approximately 17pc of them are reported to reside in Saudi Arabia, a popular overseas employment destination for Ethiopians.


Radar

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under...


Radar

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financi...


Radar

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total o...


Back
WhatsApp
Telegram
Email