Bahrain's King issues decree amending Labour Fund rule
MANAMA, 2 days ago
His Majesty King Hamad bin Isa Al Khalifa ratified and issued Law (14) of 2024 amending Article IV of Law (57) of 2006 on the establishment of the Labour Fund, following approval by the Shura Council and the Council of Representatives.
The law aims to increase employment opportunities for Bahraini citizens by limiting Labour Fund Tamkeen's support to Bahraini-owned enterprises and improving the skills, productivity, and competitiveness of Bahraini workers, reported BNA.
On the amendment, the report said Paragraph (A) of Article IV of Law (57) of 2006 will get replaced with the following text:
(A) The Fund shall undertake all necessary tasks and powers to achieve its objectives, including but not limited to:
1- Providing and supporting programmes to train and qualify Bahraini workers to enhance their skills, productivity, and competitiveness in the labour market.
2- Increasing the comparative advantage of Bahraini workers over expatriate workers.
3- Providing and supporting social programmes and projects related to the development and enhancement of the labour market.
4- Contributing to removing obstacles limiting women's participation in the workforce.
5- Supporting and providing programmes to enhance the private sector's capacity to boost economic activity in the Kingdom.
6- Offering interest-free loans to citizens in compliance with Islamic Sharia to establish and fund small and medium enterprises.
7- Supporting and funding projects where Bahrainis own shares or stakes, especially those contributing to increased employment of Bahrainis, focusing on projects with added economic value.
8- Supporting and offering financial and advisory services to companies and establishments with Bahraini ownership to enhance the efficiency and productivity of their workers.
9- Supporting and providing programmes to enable employers in Bahraini-owned companies and establishments to align with labour market development plans and programmes.
10- Supporting research and studies in the Fund’s fields of work and encouraging the utilisation of their results.
11- Acquiring movable and immovable assets, managing and investing the Fund’s resources, executing contracts, and undertaking all actions necessary to achieve its objectives, in compliance with Islamic Sharia.
The law stipulates that the support outlined in clauses 7, 8, and 9 may be extended to projects, companies and establishments not covered by these provisions, according to regulations issued by the Board of Directors.
These regulations shall consider Bahraini employment rates, investment volume, and the economic impact of such projects, companies, and establishments, stated the BNA report.
The Prime Minister and the relevant ministers shall implement this law, which shall take effect the day following its publication in the Official Gazette, it added.
