Regulatory Alerts2020-10-22
Opening Daycare for Children of Female Workers at Financial Institutions
The Saudi Central Bank issued a circular directing all financial institutions under its supervision to open daycare centers for the children of their female employees. This directive implements Article 159 of the Labor Law and aligns with existing regulatory controls for private child daycare centers. Institutions are encouraged to establish these facilities in compliance with the specified ministerial decision and regulatory guidelines.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Office of the Deputy Governor for Supervision
| Reference No. : | 42013854 | | Date : | 1442/03/05 | | Attachments : | None |
Circular
To: Respected Institutions, Peace, mercy, and blessings of Allah be upon you,
Subject: Opening Daycare for Children of Female Workers at Financial Institutions.
I refer to the receipt by the Bank of a telegram from His Excellency the Minister of Human Resources and Social Development No. (10205) dated 18/01/1442H, requesting the encouragement of financial institutions under the supervision and regulation of the Bank to open daycare centers for their female employees' children; in implementation of Article (159) of the Labor Law issued by Royal Decree No. (M/51) dated 23/08/1426H, and in accordance with the regulatory controls for private child daycare centers issued by Ministerial Decision No. (199071) dated 06/11/1440H.
For your information and action.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- All financial institutions under the supervision and regulation of the Bank.