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Recent Editions
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Human Times
North America
Home Depot tightens bonus targets as housing slowdown bites

Home Depot is raising performance thresholds for manager bonuses as it grapples with a slowdown driven by a frozen housing market and weaker demand. The retailer will increase the minimum sales target for bonus eligibility to 95% from 90%, and managers meeting that threshold will now receive 25% of their target payout instead of 50%. The changes, set to affect payouts in September, are intended to align incentives with pre-pandemic standards and reinforce accountability. The move comes as the company faces affordability pressures, softer job growth across the economy and broader cost-cutting measures, including recent job reductions and a return-to-office mandate for corporate staff.

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Human Times
UK
UK unemployment soars to five-year high

UK unemployment has reached 5.2%, the highest level since early 2021, according to the latest labour market data. The jobless rate increased from 5.1% in the previous quarter, with 130,000 fewer workers on payrolls over the year. Young people, disabled people and men are bearing the brunt of the rise. Earnings growth also slowed, with basic pay rising by 4.2%, down from 4.4%. In London, the unemployment rate surged to 7.6%, nearly double the 4% rate in the south east. Youth unemployment has reached 18.8% in the capital, compared with 14% country-wide, with the number of 18-24 year olds out of work up by 80,000 on the quarter to 575,000. Liz McKeown at the Office for National Statistics also notes that private sector wage growth continues to slow and is at its lowest rate in five years, while public sector pay growth also slowed but remains elevated. Commenting on the figures, Suren Thiru, economics director at the Institute of Chartered Accountants, said: "The UK's jobs market is continuing to come apart at the seams as the stifling squeeze from spiralling labour costs pushes more businesses to pivot from simply freezing recruitment to actively cutting jobs."

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Human Times
Europe
German union takes legal action against Tesla factory manager

German labour union IG Metall has filed a defamation complaint against Tesla's factory manager in the Berlin area, accusing him of spreading false allegations amid deteriorating relations with the automaker. The union is also pursuing a temporary injunction to prevent further claims from the manager, who had previously filed a criminal complaint against an IG Metall member for allegedly recording a works council meeting without consent. Union representative Jan Otto emphasised that while legal disputes are not preferred, they are necessary to defend workers' rights against Tesla's aggressive stance on union activities.

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Human Times
Middle East
ZIM workers escalate strike amid Hapag-Lloyd takeover concerns

Workers at ZIM Integrated Shipping Services have intensified their strike, demanding job security guarantees following Hapag-Lloyd's announcement of a $4.2bn acquisition of the Israeli shipping company. Approximately 800 unionised employees initiated the strike at ZIM's Haifa headquarters, citing fears that the proposed creation of a new dedicated container line, "New ZIM," would result in nearly 900 layoffs. Hapag-Lloyd has assured that job security will be negotiated but the union remains concerned about the long-term viability of “New ZIM” due to its reduced size.

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