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  • 19 hours ago
The Senate last night passed the 2026 Retrenchment and Severance Benefits Amendment Bill which the government says is meant to protect workers.

However, the Senate passed the bill without the support of two Independent Senators - one of whom raised a particular concern about the Central Bank's ability to deal with any collapse of a financial institution,

One Independent Senator abstained.

Juhel Browne reports.
Transcript
00:00Our policy position is that workers should not, while companies are in distress, workers should not be put out to
00:17pasture and allowed to starve.
00:23Attorney General John Jeremy told the Senate it was the courage of the Prime Minister that caused the Labor Minister
00:29to bring the 2026 bill to amend the Retrenchment and Severance Benefits Act.
00:35Senator Melanie Roberts-Rodgman noted the opposition's concerns.
00:39We shouldn't leave any gap or any loophole available for employers to still be able to get around.
00:48Independent Senator Michael Simon-Victor de Labesteed, senior counsel, recalled the collapse of CL Financial in the late 2000s.
00:58I found it alarming that the amendment, if passed, would effectively entitle workers or former workers of the institution to
01:08bring or continue proceedings for the recovery or enforcement of severance benefit as of right.
01:14Even though doing so may hinder or jeopardize the central bank's efforts to address and avert a danger posed to
01:25the financial system of the country.
01:27Independent Senator Francis Lewis called for balance.
01:30In practical terms, it affects how quickly a business can act, what processes it must follow, what costs it must
01:38bear, and whether the enterprise can remain viable while still treating workers fairly.
01:47That's why getting this legislation right is so important.
01:52The Attorney General said a stake carried out by the central bank in an insolvency could take years.
01:58He said the 2026 bill proposes a qualified stay.
02:03It is a stay that applies only in so far, it stops at the point of the welfare of the
02:13workers.
02:15Workers are permitted to take action to defend themselves and to defend their benefits, severance benefits.
02:25After the Labour Minister wound up the Senate's debate, there was the committee stage and then a division vote.
02:31Not all of the independent senators present voted yes.
02:36Mr. De La Bastide, SC?
02:38No.
02:41Ms. Joan Simons?
02:42Yes.
02:44Mr. Lewis?
02:45No.
02:47Dr. Murray?
02:49Abstain.
02:50All the government and opposition senators present voted in favor of the bill, which the Senate passed with amendments.
02:58June Brown, TV6 News.
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