Covid job losses show structural racism of UK labour market, says TUC
February 27, 2021, 12:10 pm

Covid job losses show structural racism of UK labour market, says TUC

Shops closed due to Covid-19 in Leicester. There are 1.74 million people out of work in the UK, the highest level in five years.

Study reveals unemployment among BAME people is double the rate for white people

The coronavirus pandemic has held up a “mirror to the structural racism” in the UK’s labour market, the TUC has said, as a study reveals that jobless rates among black, Asian and minority ethnic (BAME) groups are now double the rate for white people.

There are 1.74 million people out of work across the UK, the highest level in five years, and business shutdowns are disproportionately affecting women and ethnic minorities.

The TTUC said analysis of official unemployment statistics showed one in 10 women of colour were now out of work, and the overall BAME unemployment rate had risen from 5.8% to 9.5% between the final quarter of 2019 and the same time last year.

Over the same period, the unemployment rate for white workers rose from 3.4% to 4.5%, according to the study.The analysis comes after unions, charities and campaigners signed a joint statement calling on Boris Johnson to take action to end structural racism and inequality.

The TUC general secretary, Frances O’Grady, said: “This pandemic has held up a mirror to the structural racism in our labour market and wider society.” She said workers of colour had borne the brunt of the economic impact of Covid-19, losing their jobs twice as quickly as white workers.

“When BME workers have held on to their jobs, we know that they are more likely to be working in low-paid, insecure jobs that put them at greater risk from the virus. This is evidence of the structural discrimination which has led to a disproportionate BME death rate from coronavirus,” O’Grady said.

“This crisis has to be a turning point. As we emerge from the pandemic, we can’t allow these inequalities in our workplaces and our society to remain. Ministers must stop delaying and challenge the systemic racism and inequality that holds back BME people.”

Ahead of next week’s budget, research by the charitable trust Hope Not Hate also found that BAME communities had taken the hardest economic hit during the pandemic.

A poll conducted by the charity found that one in five BAME people had lost their job, with a large proportion (22%) saying this was due to the virus. In comparison, in a nationally representative poll carried out a short time earlier, 13% of white respondents polled said they had lost their job.

Thirty-four per cent of BAME people said they had their hours reduced, compared with 23% of white respondents in the national poll. A quarter of BAME people (25%) said they had applied for universal credit, and nearly one in five (19%) said they had to use a food bank.

The charity called on the chancellor to extend the furlough scheme to avoid a “cliff-edge fall” in employment. “The consistent racial inequity that we have seen throughout the pandemic – across measures of health and education outcomes and, as our polling shows, employment, financial security, housing and general wellbeing – are not random,” said Rosie Carter, the charity’s senior policy officer.

“It’s clear that more needs to be done to address systemic discrimination which underpins these growing gaps. The phrase ‘build back better’ has become the government mantra to getting the economy back on track, but there’s no way that building back can be ‘better’ unless it is also fairer.”

source: Nazia Parveen

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.