Government rejects report it will lower workers' rights post-Brexit
January 15, 2021, 12:11 pm

Government rejects report it will lower workers' rights post-Brexit

Kwasi Kwarteng, the new business secretary, has rejected the claims made in the FT report.

Peter WalkerPeter WalkerBusiness secretary has denied claims EU-based employment laws such as 48-hour week will be axed

The government has rejected a report that following Brexit, it plans to tear up employment protections based in EU law – a strategy that Labour has called “a disgrace”.

Proposals include an end to the 48-hour maximum working week, changes to rules about breaks at work, and removing overtime pay when calculating certain holiday pay entitlements, the Financial Times said.

Another proposal would be to get rid of the current requirement for businesses to log information about daily working hours, to save on administration costs.

The package is being drawn up within the Department for Business, Energy and Industrial Strategy, the newspaper said, and while it has not been put to other ministers, the department has consulted some business leaders.

Such a move would prompt fierce opposition from unions and from Labour, with Boris Johnson’s government having pledged that the ability to diverge from EU rules post-Brexit would not involve watering down employment rights.

But Kwasi Kwarteng, the business secretary – who took the job last week after his predecessor, Alok Sharma, was given a full-time role leading preparations for the Cop26 climate conference in Glasgow in November – rejected the claims.

“We are not going to lower the standards of workers’ rights,” he tweeted. “The UK has one of the best workers’ rights records in the world – going further than the EU in many areas. We want to protect and enhance workers’ rights going forward, not row back on them.”

But his Labour shadow, Ed Miliband, said the FT report “exposes the truth about the government’s priorities, which are way out of step with the needs of workers and their families”.

Miliband said: “In the midst of the worst economic crisis in three centuries, ministers are preparing to tear up their promises to the British people and taking a sledgehammer to workers’ rights.

“These proposals are not about cutting red tape for businesses but ripping up vital rights for workers. They should not even be up for discussion. People are already deeply worried about their jobs and health. It’s a disgrace the government is considering forcing them to work longer hours or lose paid holidays.”

Any deviation from EU standards could trigger retaliatory measures such as tariffs by Brussels, as permitted under the trade deal with the UK sealed on Christmas Eve. However, this would be gauged against the impact of any UK changes on competition.

Under the European working time directive, weekly working hours should not exceed 48 hours on average, along with other stipulations such as a guaranteed rest break for work periods over six hours, and at least 11 consecutive hours of rest every 24.

The UK, like some EU members, allows people to opt out of the 48-hour maximum. But the government stresses that some UK provisions go beyond the working time directive, such as a minimum full-time holiday entitlement of more than five weeks a year, against the EU’s four.

source: Peter Walker

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.