Labour Fund and Bahrain Insurance Association join efforts to advance human resources development

Notes and media contacts

The Labour Fund:
The Kingdom of Bahrain has taken vital steps towards a labour market reform which is an essential stride to ensure that the human capital of the country is developed and that employment is made more attractive for localization as well as to improve performances of businesses. The strive towards labour reform will impact the Kingdom¡¦s economy and raise standards of living as well as pose a challenging commitment to the improvement of services in Bahrain.

The government of Bahrain has forwarded a strong mandate to implement reforms on education and training, labour market and economic systems which are the backbone to success and prosperity of any nation.

The Labour reform is the first of these reforms to be initiated and is now the responsibility of two entities. The Labour Market Regulatory Authority (LMRA) and the Labour Fund (LF) will be working hand in hand with other institutions and organizations in order to realize the vision that has been set forth to create the long-term prosperity the Kingdom plans to achieve.

The Labour Fund is a semi-autonomous yet independent authority which formulates strategic and operational plans to use the fees collected by the LMRA in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support. Hence, the Labour Fund's main objectives are (i) to support Bahrainis to become the employees of choice, and (ii) to support high quality private sector job creation and helping the private sector cope with the impact of labour market reform.

To achieve these objectives, the LF will invest (i) in the cost and quality competitiveness of Bahrainis (e.g., reduction of cost of employing Bahrainis relative to expatriates, investment in skill and work ethic development programs of Bahrainis) and tackle employment barriers on both employer and labour market entrants sides through a combination of financial incentives and capability building, and (ii) in supporting the private sector's adjustment to new cost structures by providing access to capital to alleviate short-term cash constraints or improve productivity, and in know-how initiatives that support improvements in productivity and decreased reliance on expatriate labour through spreading management and technical knowledge.


BIA
About Bahrain Insurance Association

The Bahrain Insurance Association received its charter in 1993 and became operational as a Society in 1994, under the umbrella of the Ministry of Social Affairs. Currently, it is in the process of amending its Articles of Association and incorporating under the Central Bank of Bahrain. At present, there are 37 members comprising local insurance companies, foreign insurance companies, reinsurers, brokers and service providers.

For Media Enquiries, you may contact:
Ms. Hala A. Suleiman
Marketing Communications Manager
Labour Fund
Kingdom of Bahrain ƒv
Tel 17568850
Fax 17581801

For further information, please contact:
Mehnaz Mohammed
Bahrain Insurance Association
Tel 17532555
Fax 17536007