Mark Carney to discuss wages in speech at Trades Union Congress September 9, 2014 Mark Carney will discuss his plans for real wages in an address to the Trades Union Congress (TUC) later today. The prospect of an interest rate rise continues to shadow the governor, and members of the TUC are expected to tell Carney to reject a hike until real wages show signs of strengthening. The Canadian [...]
EU bonus cap troubles: UK gave out the world’s biggest bonuses in 2013 September 8, 2014 UK banks could face with action from the European Commission if they attempt to sidestep the new EU bonus cap coming in this year. The new rule, which will apply to bonuses awarded from 2014 onwards, caps bankers' bonuses at a year's basic salary. If shareholders agree, this can be increased to double their [...]
City firms pay higher wages as labour market hots up September 7, 2014 City firms are on an employment drive as the economic recovery takes hold, according to recruiters Morgan McKinley. Growing demand for staff means finance businesses are paying higher salaries to attract the best workers. Vacancies were 18 per cent higher in August compared to the same month last year and salaries for new jobs grew [...]
Europe vows to stop bank bonus cap avoidance September 7, 2014 The European Union’s chief financial services officer pledged last night to stop banks from sidestepping the bloc’s cap on bonuses. Michel Barnier said that the EU’s probe into allowances that some banks have started to pay staff must wrap up by the end of September. Already banks including Barclays, HSBC and RBS have implemented systems [...]
EU bonus cap: UK’s challenge reaches final stage in court September 7, 2014 The UK's challenge to the European Union's bonus cap plan will be heard in the European Court of Justice tomorrow. This will be the final stage in the case opened by the UK Treasury last September. The new rule, which is supposed to be imposed on all bonuses awarded from 2014 onwards, caps bankers' [...]
Low pay and precarious employment: How the beauty industry scars young women for life August 31, 2014 The career prospects of young women are being hindered by their tendency to apply to oversubscribed and often poorly paid jobs in industries such as hair and beauty, according to a report by the Young Women's Trust. Called “Scarred for life?”, it shows that there are currently 418,000 women in England aged 18-24 who [...]
Average bonuses rise 4.9 per cent as bank and insurance bonuses hit their highest since 2008 August 29, 2014 Bonus payments in the UK rose to £40.5bn in the year to April, up almost five per cent on a year ago. In the finance and insurance sector, payments hit £15bn – their highest level since the peak of the financial crisis, in 2008. Changes to taxes in the 2012/13 financial year meant many businesses [...]
Manufacturers say pay deals are bucking national wage slump August 25, 2014 The UK’s industrial firms are reporting stronger wage growth than dismal official figures suggest, with a new survey indicating that wages in the sector are now accelerating at a faster pace than inflation. The latest figures from manufacturing industry body EEF show an average pay increase of 2.6 per cent between February and July, in [...]
Ex-MEP who called for caps on bonuses, slammed for taking London Stock Exchange job August 22, 2014 Former Lib Dem MEP Sharon Bowles has been chastised by Sven Giegold, a German Green, for taking a job at the London Stock Exchange (LSE) after calling for caps on bonuses in the financial industry. Giegold, who had spearheaded the campaign for a cap on bankers' bonuses, which was introduced last year, used to Twitter [...]
Huge jump in young jobless finding work as youth unemployment drops to 10-year low August 21, 2014 The proportion of young people who are not in employment, education or training (NEETs) has dived to a 10-year low, official figures showed yesterday. Just 13.3 per cent of 16- to 24-year-olds were NEETs in the three months to June, the Office for National Statistics (ONS) said, down from 15.1 per cent a year earlier. And [...]