Tuesday newspaper round-up: Pay gaps, Asda, Smith & Nephew
The UK government needs to make companies employing more than 30 people report their gender pay gaps if inroads are to be made into the persistent bias in wages and salaries, a senior Bank of England official has said. Andy Haldane, Threadneedle Street’s chief economist, said only 40% of the private-sector workforce was covered by legislation that obliges companies with more than 250 staff members to publish details of differences in pay between men and women doing identical jobs. – Guardian
Up to 12,000 Asda workers could lose their jobs next week, according to union officials, if they refuse to sign up to a new contract that will hit pay and benefits for thousands of workers. The deal increases basic hourly pay but ends paid breaks, cuts premium pay on most bank holidays and reduces the number of hours rated as better-paid night shifts. – Guardian
Banks are making it easier to cut saving rates by reducing the notice they give customers. Last week, Marcus – Goldman Sachs' savings division – changed the notice it gives before cutting rates on its easy access account from two months to two weeks, the legal minimum, from December 18. If the bank changes other terms and conditions customers will get 30 days' notice, compared to the current two months. – Telegraph
An influential think tank has questioned the value of a tax break for entrepreneurs, saying that it does little to promote business investment and only makes wealthy people even richer. The Institute for Fiscal Studies says that entrepreneurs’ relief leads to people “adjusting how and when they take money out of their company”, but does little to change “the amount of income they create or how much investment they do”. – The Times
Namal Nawana was enthusiastic about the challenge ahead when he was announced as the new boss of Smith & Nephew in April last year. The Sri Lankan-born, Australia-raised executive, who succeeded Olivier Bohuon at the FTSE 100 maker of artificial hips a month later, said that it was “an honour” to become its chief executive and was effusive about its “next exciting chapter”. – The Times