The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market has introduced amendments to the Rules for the appointment and termination of employment contracts with its employees. The changes require mandatory special checks for new hires, as well as the submission of a declaration to the state revenue authorities. Former National Bank employees can now be appointed without competition if they have at least two years of experience. The list of required documents for candidates has been updated, eliminating the need for notarized copies of educational documents. Additionally, the submission of identity verification documents for employment is no longer necessary.
The termination of employment contracts for agency employees will be based on specific grounds outlined in the law on state regulation of the financial market and financial organizations, as well as the Labor Code. Reasons for contract termination include reaching retirement age, negative results in special checks, providing false information about income and assets, failure to comply with anti-corruption obligations, and more. In cases of downsizing, employees will receive severance pay equivalent to four average monthly salaries with at least three years of service.
These new regulations will come into effect on March 15, 2024, aiming to streamline the hiring and termination processes within the Agency. This update follows recent changes in the employment procedures at the National Bank of Kazakhstan.
