Parliamentarians have told the British government that it must introduce policies to ensure employees at risk, most notably women, are not excluded by technological advances.
The work and pensions committee has called for a comprehensive, long-term strategy on how to address the repercussions of rapid change in work practices brought about by the Fourth Industrial Revolution.
The committee says the UK is facing the prospect of a rapid churn between new jobs and loss of existing roles in a process likely to be uneven across sectors, exacerbating inequalities.
Stephen Timms, the chairman, said that the government must plan now to avoid those in danger – women, younger people, the disabled and those from some ethnic minorities – “being left behind”.
“Deep-seated trends were already driving labour market inequalities,” Mr Timms said. “The pandemic has hit fast-forward on them.
"As we emerge, automation and new technologies will continue to transform both how people work and the skills they need to succeed.”
Experts and campaigners have raised women's demands for more gender-focused planning and flexible working arrangements when Britain's Covid-19 restrictions are entirely removed.
Where no action is taken to address the pandemic's impact on women in the workforce then global GDP growth will be $1 trillion lower by 2030. Radkiha Chadwick
Radikha Chadwick, a partner at the McKinsey and Company consultancy, said the accelerated adoption of hybrid working during the pandemic should remain a viable option.
"People who work more flexibly, particularly if they have care needs, are normally disproportionately women so when an organisation normalises remote or hybrid working they help women," Ms Chadwick told a panel on the future of work at this month's CogX Festival.
Some companies are already changing their policies to give employees long-term flexible working rights.
The UK government is considering new legislation to make working from home the default option by giving employees the right to request it.
Employers have been asked to build in protection to ensure women are not disadvantaged. For example the shift to working at home could make gender inequality worse if women become less visible to employers.
What is the cost of gender imbalance in Britain's workforce?
The gender-skewed effects of lockdowns, at home and work, have leaned heavily against women.
While more men have died from the virus, women have suffered because of some of the policies introduced to prevent disease transmission.
From their increased exposure to frontline jobs – 77 per cent of "high-risk" jobs in the UK were held by women – to their vulnerable status on part-time or zero-hour contracts, and the "double shifts" working mothers were putting in at home, women have borne the bulk of the pandemic's burdens.
Ms Chadwick, who specialises in public sector practice, said the economic fallout of neglecting women’s needs would be significant.
“In a gender-regressive scenario where no action is taken to address the pandemic’s impact on women in the workforce, then global GDP growth will be $1 trillion lower by 2030, assuming that women’s unemployment tracks that of men,” she said.
If the situation deteriorates and more women leave the labour market for a longer time, the global effects will be even greater.
“The knock-on factors of this dire economic projection include an increase in gender-based violence, school drop-out rates, child marriage and a worsening economic spiral,” Ms Chadwick said.
After steady progress over the past decade, experts warn that female economic empowerment is at risk of a rapid reversal because of Covid-19.
In this year's Women at Work report, consultancy PwC warned that OECD countries must progress towards gender equality at twice its historical rate for a complete economic recovery from the pandemic by 2030.
Working mothers: more responsibility, less help
Research by McKinsey last year revealed that despite accounting for only 39 per cent of the UK workforce, women made up 54 per cent of job losses related to Covid-19, making them nearly twice as likely to lose their jobs than men.
Fears of a massive "she-cession" might be misplaced, though, as new data published by the Resolution Foundation think tank showed women's average working hours took less of a hit than men's since the outbreak.
The research showed that full-time female employment had actually increased over the past year, yet working mothers continue to be affected by the gender divide.
In the first four months of this year, Britain lost 2,000 childcare providers.
Far more public and social centres are struggling to stay open, meaning that inevitably working parents, particularly mothers, will struggle as well.
When schools and offices shut last year, the "invisible work" of women became more apparent, with mothers reportedly three times more likely to take on most of the childcare and household duties as fathers.
Increased awareness might be a welcomed by-product but without appropriate resources and political action, women will continue to shoulder the double shift.
For gender-sensitive policies to be implemented, the UK needs a more equal balance of women and men in policy decisions, feminist activist Sophie Walker told the CogX event.
The founder of the Women’s Equality Party criticised the government for missing “every opportunity” to factor women’s needs into pandemic planning.
Gender was referred to in only 13 out of 73 meetings held in 2020 by the Scientific Advisory Group for Emergencies, LSE researchers said.
In the few instances where explicit reference was made to gender, all related to biological sex and physical risks of the virus, they said in the Why we Need a Gender Advisor on SAGE report.
The lack of female representation is not just a failing of the UK.
The UN Development Programme says men outnumber women three to one across Covid-19 government task forces around the world.
After the pandemic: why gender needs to be part of the plans
UN Women expects 47 million more females will fall below the poverty line if action is not taken to protect women from the economic fallout.
Its research found that only one in eight countries have effective measures in place to protect women.
Last year UK Prime Minister Boris Johnson announced a "new deal" to set the country on a path of economic recovery under the theme Build Build Build.
But the Women’s Equality Committee expressed its concern that the government’s priorities for recovery were “heavily gendered in nature”.
In its report, Unequal Impact? Coronavirus and the Gendered Economic Impact, one professor criticised the "build rhetoric" for its association with construction, an industry historically filled by men.
The study showed a “care-led” recovery could create more than two million jobs for men and women.
Echoing the committee’s sentiments, Ms Walker advocated for more feminist economics that invest in social and health care.
The future of flexible working: a right or an option?
As Britain inches towards "Freedom Day" with bated breath, there is some trepidation as to what is in store.
The question on many women’s minds will be whether there will be a repeat of the gender-related shortcomings in planning for the post-pandemic recovery.
Ms Chadwick said there was a good opportunity to use the experience of a difficult past year and data collated to address the needs of women at work.
“The good news is that if we take action now we estimate that we could add $13tn to the global economy by 2030,” said the consultant, who advises governments and agencies across Europe.
Ms Chadwick said hybrid working was “here to stay” so companies should be driving even more changes towards gender equality at work.
“What would inspire me is to see businesses and political leaders work together and take some bold action that shows a genuine desire to move the needle,” she said.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
CONFIRMED%20LINE-UP
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The%20Secret%20Kingdom%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Matt%20Drummond%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyla%20Browne%2C%20Alice%20Parkinson%2C%20Sam%20Everingham%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Racecard
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Kill%20Bill%20Volume%201
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
The%20National%20selections
%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3E6pm%3A%20Go%20Soldier%20Go%3Cbr%3E6.35pm%3A%20Man%20Of%20Promise%3Cbr%3E7.10pm%3A%20Withering%3Cbr%3E7.45pm%3A%20Mawj%3Cbr%3E8.20pm%3A%20Falling%20Shadow%3Cbr%3E8.55pm%3A%20Law%20Of%20Peace%3Cbr%3E9.30pm%3A%20Naval%20Power%3Cbr%3E10.05pm%3A%20The%20Attorney%3C%2Fspan%3E%3C%2Fp%3E%0A
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)