The Iraqi Parliament voted on Wednesday night to approve the government of Mustafa Al Kadhimi, ending weeks of political deadlock.
More than 250 members attended the session in Baghdad and voted in 15 ministers while rejecting five – those for trade, justice, culture, agriculture and migration.
"My Cabinet has earned Parliament’s support and we will work to earn the trust and support of the Iraqi people," Mr Al Kadhimi tweeted.
"I am grateful to those who worked with us to form the government."
"I urge all political actors to come together around a national programme to serve Iraq's interests."
During his address to Parliament he pledged to hold transparent and early elections, to restrict access to weapons and to curb corruption.
"This is a government that will provide a solution, not add to the crises," Mr Al Kadhimi said.
"This government has come as a response to the social, political and economic crisis our country is facing."
Members voted in Juma Anad, the land forces commander, as defence minister, and Othman Al Ghanmi, the chief of staff for the armed forces, as interior minister.
Ali Allawi, a historian and politician, was approved to become the finance minister.
Mr Al Kadhimi's government must tackle an economic crisis brought on by oil price crashes, and cope with the coronavirus pandemic.
His government pledges to fight corruption by promoting integration among institutions, to “provide them with the powers to implement necessary laws” and to start auditing financial records.
Mr Al Kadhimi's other priorities are allowing weapons only under the government’s control and returning people displaced by Iraq's conflicts to their homes.
He said his plan would be to end foreign interference and “not allow any country to violate Iraq’s national sovereignty”.
The plan also aims to check the power of armed militias operating outside the state.
President Barham Salih said the process of forming a government "must be completed as soon as possible to meet Iraq's health, economic and security challenges".
Before the session, Mr Al Kadhimi tweeted that he secured “the best candidates for each portfolio, who are able to create consensus and work together to benefit all Iraqis".
Several members of Parliament representing the oil-rich city of Basra boycotted the session.
They claim that Mr Al Kadhimi’s Cabinet “does not represent them”, after their request to be given the oil and transport ministries was turned down.
The members said their city contributed to "95 per cent of government revenues" but they had no real Cabinet representation.
Some Kurdish politicians also boycotted the session.
"It seems that he doesn't understand Kurdish politics," Sarkwat Shams, one of the Kurdish politicians who left the meeting, told The National.
"Kadhimi has no idea what he is doing. We met him and felt he has no real strategy to tackle the current issues."
Martin Huth, the EU ambassador to Iraq, said he was following the session with “great interest”.
"We wish all the best for Iraq – sovereignty, prosperity, stability and progress,” Mr Huth said.
For almost six months, Iraqi politicians have wrangled over the shape of their new government.
Mr Salih proposed Mr Al Kadhimi, a former intelligence chief who does not belong to any political party, for the position in early April.
He is the third nominee in 10 weeks to try to form a government as the country struggles to replace departing prime minister Adel Abdul Mahdi, who resigned last November after months of deadly street protests.
Mr Al Kadhimi’s proposed government had reasonable prospects of securing approval after weeks of political negotiations.
But the interests of the country's ruling political blocs have stood in the way of several of his nominated candidates.
Pro-Iranian parliamentary blocs withdrew their support for Mr Al Kadhimi a fortnight ago after they reversed their initial position of no objection to his appointment and chosen ministers.
Mr Al Kadhimi indicated at the end of April that he was facing serious difficulties in forming his Cabinet. He urged the political blocs to unite and put their differences aside.
Mr Al Kadhimi said the government he was trying to form “has to be up to the crisis” and that he rejected “any pressure aimed at undermining the state”.
Wednesday's session was the first to be held since the country imposed a nationwide curfew to contain the spread of the coronavirus.
Politicians were urged to wear masks and gloves and were checked when entering the building.
Seating for members was arranged to follow social-distancing regulations, with a seat left vacant in between.
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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