Seventy UK companies begin trial of four-day week without pay loss
June 6, 2022, 9:36 am

Seventy UK companies begin trial of four-day week without pay loss

Regent street in London, England/Pixabay

The National reported that more than 3,000 workers at 70 companies are set to begin a six-month trial of a four-day working week with no loss of pay.

Organisers of the scheme say it is the biggest four-day week pilot programme in the world.

Companies signed up to the trial will pay staff the same wages for 80 per cent of their hours, in exchange for a commitment to maintain at least 100 per cent productivity.

Companies taking part provide products and services ranging from education to workplace consultancy; banking; care; financial services; IT software training; professional development and legal training; housing; automotive supply services; online retail; sustainable home care; skin care; animation studios; building recruitment services; food and beverage and hospitality; digital marketing; and case management for people recovering from traumatic injury.

70 UK companies are set to begin a six-month trial of a four-day working week with no loss of pay - Photo: Pixabay

Researchers will work with each organisation to measure the effects on productivity and the well-being of its workers, and on the environment and gender equality.

Joe O’Connor, chief executive of 4 Day Week Global, said: “The UK is at the crest of a wave of global momentum behind the four-day week."

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“As we emerge from the pandemic, more and more companies are recognising that the new frontier for competition is quality of life, and that reduced-hour, output-focused working is the vehicle to give them a competitive edge.

“The impact of the ‘great resignation’ is now proving that workers from a diverse range of industries can produce better outcomes while working shorter and smarter.”

“We’ll be analysing how employees respond to having an extra day off in terms of stress and burnout, job and life satisfaction, health, sleep, energy use, travel and many other aspects of life," said Juliet Schor, professor of sociology at Boston College and lead researcher on the pilot.

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“The four-day week is generally considered to be a triple-dividend policy, helping employees, companies and the climate. Our research efforts will be digging into all of this.”

Ed Siegel, chief executive of Charity Bank, which is taking part in the trial, said: “We have long been a champion of flexible working but the pandemic really moved the goalposts in this regard.

"For Charity Bank, the move to a four-day week seems a natural next step. The 20th-century concept of a five-day working week is no longer the best fit for 21st-century business.

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“We firmly believe that a four-day week with no change to salary or benefits will create a happier workforce and will have an equally positive impact on business productivity, customer experience and our social mission.”

Source: thenational

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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.