News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-03-06T18:09:00
The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage (NMW).
The companies, which include well-known brands such as Estee Lauder Cosmetics, EasyJet, Greggs, and Currys, have collectively had to repay nearly 16 million pounds (U.S. $20 million) to 172,000 employees, plus additional financial penalties of up to 200 percent of their underpayment. Staffline Recruitment had the largest bill, after failing to pay approximately £5.1 million (U.S. $6.5 million) to 36,767 workers.
The company names were published together with the respective number of workers affected before the U.K. minimum wage for workers older than 21 rises to £11.44 per hour on April 1. The department’s announcement last month made it clear employers who paid less than the NMW would be liable for penalties regardless of whether they intended to underpay.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-01-15T14:16:00Z By Neil Hodge
The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.
2023-12-14T18:23:00Z By Kyle Brasseur
The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
2024-06-07T21:51:00Z By Aaron Nicodemus
Warning of an “eventual reckoning” on artificial intelligence use by financial institutions, the acting head of the Office of the Comptroller of the Currency said the industry should learn lessons on how similar disruptive technologies evolved from being helpful to dangerous.
Site powered by Webvision Cloud