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European Edition
4th October 2024
 
THE HOT STORY
Medical conditions leave one in five jobless in UK or limit their ability to work
According to a report by the Commission for Healthier Working Lives, Britain's ill-health crisis is significantly impacting the workforce, with over 8m adults either jobless or limited in their work capacity. The study reveals that one in five working-age individuals suffers from health conditions that hinder their employment, with those affected being three times more likely to be unemployed. The report highlights a 37% increase in such cases since 2013, with 4.3m people currently out of work due to health issues. It goes on to call for reforms in sick pay and urges the government to incentivise employers to support workforce health. Some 60,000 women are currently off work due to symptoms relating to the menopause, costing the UK economy £11bn (€13bn) annually. Sacha Romanovitch, chairman of the commission, said: “If we intervene early and provide the right support, people can stay at work for longer. That is a goal that is great for individuals, great for businesses and great for society.”
STRATEGY
CCF to cut more than 1,000 jobs
Credit Commercial de France (CCF), a French retail bank owned by Cerberus Capital Management, is set to reduce its workforce by over 1,000, approximately one-third of its total staff. The decision follows a works council meeting where management revealed plans to close between 90 and 110 branches, nearly half of CCF's locations. The bank was acquired from HSBC in early 2024.
LEGAL
UK employment rights reforms boost business optimism
UK Deputy Prime Minister Angela Rayner is set to introduce the Employment Rights Bill next week, with key proposals including protections against unfair dismissal, immediate sick pay access, and a ban on zero hours contracts. A survey by Opinium reveals that 66% of business leaders believe the reforms will positively impact their operations. Commenting on the survey, TUC General Secretary Paul Nowak said: "Most managers understand that if you treat your staff well they will perform better." Additionally, Dr George Dibb from IPPR highlighted that secure employment benefits both workers and businesses. Elsewhere, Tesco's chief executive, Ken Murphy, has urged the government to collaborate with businesses on the new rules to ensure they don’t inhibit growth.
LEADERSHIP
Zoom appoints Microsoft veteran as new CFO
Video conferencing group Zoom has named Michelle Chang as its new chief financial officer, effective October 7th. Most recently CRO of Microsoft's Commercial Sales & Partner Organization, she will succeed Kelly Steckelberg, whose resignation was announced in August. Reuters notes that San Jose, California-based Zoom has been bolstering its for video-conferencing products with artificial intelligence to leverage hybrid work requirements across businesses, and the efforts are paying off as the company last month raised its annual revenue forecast.
HEALTH & WELLBEING
How to make workplace well-being programmes better
The World Health Organization (WHO) says mental health issues among employees lead to a staggering loss of $1 trillion in productivity annually. The WHO urges employers to implement effective well-being programmes to address this growing crisis. However, a UK study involving 46,336 employees from 233 organisations found that many common initiatives, such as mindfulness classes and mental health coaching, fail to improve employee well-being. Despite global investments exceeding $60bn in these programmes, their impact remains minimal. "Avoiding generic self-help approaches will enhance their overall impact," the WHO report says. To truly benefit employees, well-being initiatives must be tailored, effectively implemented, and focus on promoting flourishing and purpose in life, writes Jolanta Burhe, senior lecturer, Centre for Positive Health Sciences, RCSI University of Medicine and Health Sciences, Dublin.
ECONOMY
Ireland promises cost-of-living help and tax cuts as election looms
With an election expected in weeks, Ireland’s government has detailed its budget plans, announcing €2.2bn in cost-of-living help for families and €1.4bn in tax cuts. A new 6% rate of stamp duty on properties worth more than €1.5m was also revealed, to take effect immediately. Currently, homebuyers pay 1% stamp duty on property purchases valued at up to €1m, and 2% above this. The move comes after Ireland's coalition government was told it needs to collect €14bn in back taxes from Apple. The European Court of Justice ruled that the technology firm had benefited from an illegal sweetheart tax deal in the country. Finance minister Jack Chambers said the money would be used on infrastructure rather than splurging on giveaways before the general election.
TAX
Italy's bold move on windfall tax
Italy is set to introduce a windfall tax on its most successful companies to address public finance deficits. Finance Minister Giancarlo Giorgetti said: "We will be approving a budget that will require sacrifices from everyone, which means taxing extra profits." The initiative aims to tax profits and revenues across various industries, involving contributions from individuals and businesses of all sizes. Last year, Prime Minister Giorgia Meloni had previously shelved plans for an additional tax on banks.
POLITICAL
Negotiations with EU will be difficult, Starmer says
Sir Keir Starmer has said negotiations with the European Union will be "difficult," after a trip to Brussels where he had his first bilateral meeting with Ursula von der Leyen, the European Commission president. The UK’s prime minister hailed a "reset" in relations that will include his attendance at regular summits in Brussels. "We're putting our relationship with Europe on a more solid, stable footing," he said. "Tone does matter. Resetting does matter. The detailed work to take this forward starts now. We've agreed to hold regular UK-EU summits at leader level to review progress, starting in the first half of next year." As he set out "red lines" ruling out Britain rejoining the EU's single market, returning to free movement rights or signing up to Europe's customs rules, Starmer conceded that trade-offs would have to be made. "There will be issues which are difficult to resolve - but we will find constructive ways to work together," he said.
INTERNATIONAL
Filipino workers in Lebanon urge Manila to speed up repatriation
Over 11,000 Filipinos in Lebanon are urging the Philippine government for expedited repatriation amid escalating violence from Israeli attacks, which have resulted in over 1,000 casualties. Joanna Concepcion, president of Migrante International, a global alliance of overseas Filipino workers, highlighted the urgent concerns of many Filipinos in Lebanon, saying: “This time, the situation is worrying them and they feel there is nowhere safe anymore.” Legal obstacles and employer permissions complicate their departure, because the Lebanese government has suspended certain operations. Venacio Legaspi from the Department of Migrant Workers assured that efforts for safe repatriation are ongoing, but many workers are calling for mandatory repatriation to ensure their safety. “When will they act? When some people have already died here?” Filipino worker Christine Lao said at a press conference hosted by Migrante International. “I call on all government agencies to pay attention to us . . . After being here for so long, we never considered returning home, but now it has become a matter of life and death. We can no longer hold back.”
Greens push to end junior wage rates in Australia
The Greens in Australia are advocating for the abolition of junior wage rates for young workers, intensifying pressure on the Albanese government for further industrial relations reforms post-election. ACTU secretary Sally McManus has called for the removal of lower pay rates for workers under 21 in sectors like retail and fast food, potentially benefiting around 500,000 workers over 18. Senator Barbara Pocock said: “Young people don't get junior prices at the supermarket . . . so why should they get less pay for the same work?” However, employer groups claim that such changes could be financially burdensome. The Australian Retail Association's Paul Zahra emphasised that junior rates help young workers gain experience, and without them, “young people might otherwise struggle to compete against older, more experienced applicants.” The debate continues as the government prepares for the upcoming election.
Dyson suddenly retrenches workers in Singapore
On October 1, appliance maker Dyson executed a retrenchment exercise in Singapore, providing the United Workers of Electronics and Electrical Industries (UWEEI) with only a day's notice. The union expressed its disappointment, saying that it had insufficient time for meaningful discussions regarding the layoffs and has escalated the issue to the Ministry of Manpower (MOM). A Dyson spokesperson did not disclose the number of affected workers or their roles but said: “We constantly evolve the composition of our teams and take steps to ensure we have the right skills in the right places.” Despite the layoffs, Dyson's ambitions in Singapore remain unchanged. The company's staff strength in Singapore rose by 35% to nearly 2,000 in 2023. An Economic Development Board spokesperson said after news of the retrenchment broke that Dyson maintains a “significant presence” in Singapore across headquarters, innovation and manufacturing activities.
OTHER
There are more billionaires than ever before
Forbes has published its annual list of the world's billionaires, using stock prices and exchange rates from March 8, 2024 to tally their wealth. There are 141 more billionaires in the world than last year, and 2,781 in total. Their combined worth is $14.2 trillion, up by $2 trillion on 2023. Bernard Arnault, the head of French luxury fashion and cosmetics conglomerate LVMH, and his family are at number one on the Forbes list, with a net worth of $233bn. Elon Musk is No. 2 on the list, with a net worth of $195bn. At No. 3 is Amazon founder Jeff Bezos, who has a net worth of $195bn, followed by Facebook founder Mark Zuckerberg, who is worth $177bn, according to Forbes. The wealthiest woman on the list is Francoise Bettencourt Meyers, the granddaughter of the founder of L'Oreal, who is placed No. 15. She is worth $99.5bn. 
 


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