President al-Assad issues a law permitting raising the ceiling of the rate of productivity incentives for workers in public banks

Damascus-SANA

In order to preserve the expert cadres and banking competencies in public banks, President Bashar al-Assad issued Law No. 24 of 2022, which permits raising the ceiling of the percentage of production incentives for workers in public banks from 2.5 percent to 10 percent, by a decision of the Council of Ministers based on a proposal from the Minister of Finance.

Under the new law, it became possible to distribute up to 10 percent of the bank's net profit to its employees, and the shares of employees and those covered by production incentives are set by a set of executive instructions for each bank, according to several criteria related to performance evaluation.

Below is the text of the law.

Law No. 24

President of the Republic

According to the provisions of the Constitution

And what was approved by the People’s Assembly in its session held on 10/21/1443 AH corresponding to 05/22/2022 AD;

It issues the following:

Article 1 It is permissible by a decision of the Council of Ministers based on a proposal from the Minister of Finance to raise the ceiling of the percentage of production incentives specified under the provisions of Article 3 of Legislative Decree No. 59 of 2007 and amended under the provisions of Article 1 of Legislative Decree No. 89 of 2010 for the entities covered by its provisions from (2.5) two and a half percent to (10) ten percent.

Article 2 This law shall be published in the Official Gazette.

Damascus on 10/28/1443 AH corresponding to 5/29/2022 AD.

President of the Republic

Bashar al-Assad