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UPDATE 1-Norwegian wealth fund rethinks working week in wake of pandemic

OSLO (Reuters) – Workers at Norway’s $1.3 trillion sovereign wealth fund will easiest be requested to attain again to work on the issue of enterprise on Tuesdays and Thursdays as soon as the COVID-19 pandemic is over, its CEO acknowledged on Monday.

FILE PHOTO: Nicolai Tangen speaks for the length of a press conference on his employment contract as he has been appointed new standard manager of Norges Bank Funding Management Can also 28, 2020. NTB Scanpix/Hakon Mosvold Larsen

Norges Bank Funding Management, the central financial institution division that manages Norway’s wealth fund, would supply versatile working to its 520 staff in Oslo, London, Singapore, Shanghai, Tokyo and Luxembourg, Nicolai Tangen told a parliamentary hearing.

“We’re thinking that after the pandemic we’re going to be capable of enable as a lot as 2 days a week of home issue of enterprise and we’ve two fastened days within the issue of enterprise for everybody for meetings,” Tangen acknowledged, adding that this changed into as soon as a mode of attracting and keeping talented crew.

The coverage would additionally practice to the leisure of the central financial institution.

“You enjoy to present flexibility in a determined skill than before. It is factual not acceptable to require other folks to be within the issue of enterprise all of the time. I assume it reveals that you just don’t belief other folks,” Tangen told Reuters.

The arena’s biggest sovereign wealth fund is amongst organisations both grand and little rethinking programs of working for staff as they adapt to the well being restrictions that enjoy upended mature patterns.

In the finance sector, industrial banks are appealing to harness working from home to slash costs, whereas investment banks are desirous to traders and advisers again within the issue of enterprise.

Tangen additionally told the hearing that the fund would raise the bar on which corporations will likely be included in its portfolio.

“We can now be doing extra screening upfront of little corporations, before they’re included within the portfolio,” he acknowledged.

This will likely also simply attain as well as to a proposed thought to decrease the assortment of corporations within the fund’s world reference index, mostly by slicing the assortment of little corporations.

Enhancing by Terje Solsvik and Alexander Smith

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