UBS came up with a heavy third quarter loss and announced plans to cut around 10,000 jobs worldwide as part of a massive restructuring. The bank has planned to reduce its workforce to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. The news of the coming cuts revived an old joke that the name UBS stands for `U've Been Sacked', as many said they only discovered they'd been laid off when their building security passes were deactivated.
English: http://www.btimes.com.my/Current_News ...
http://www.latimes.com/business/money/la-fi-mo-ubs-worker-layoffs ...
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Despite promises made in 2010 to keep its Genk plant open in exchange for pay cuts and public subsidies, Ford has announced that it will close the plant in 2014. The closure will affect over 4000 workers and an additional 5000 workers at the plant's suppliers. The production of the S-max, Galaxy and Mondeo that were earmarked for Genk will be moved to Valencia. Genk's mayor and Belgian prime minister Di Rupo have called the closure a disaster for the regional economy. The Flemish prime minister has agreed with Belgian banks on a scheme that will relief the financial burden on those Ford Genk workers that are paying off big loans.
English: http://business.financialpost.com/2012/10/24/black-day-for-belgium-as-ford .
http://www.flanderstoday.eu/content/%E2%80%9C-so-unjust%E2%80%9D http://www.ft.com/cms/s/0/9b4104aa-1dbe-11e2-901e-00144feabdc0.html#axzz2AxltVnie http://internationalpoliticalforum.com/over-capacity-or-what-does-the-closing-of-ford- ...
In the recent past trade union officers reported that some companies systematically abuse foreign labourers to reduce wages and downgrade working conditions. The promise of a better life and hard cash attracts workers from Romania, Bulgaria, Poland or Lithuania - but more often than not they are surprised by what they find: backbreaking work and degrading conditions with bad or even no pay. The trade union federation (DGB) is therefore opening information centres in the big cities in the frame of the Fair Mobility project, which aims at assisting exploited workers from East Europe.
English: http://www.dw.de/german-unions-back-exploited-migrant-laborers/a-16338601
One in five workers in the UK is paid less than required for a basic standard of living, a KPMG research report suggests. The proportion is much higher among waiters and bar staff, at up to 90% of workers. The report states that nearly five million people failed to command the living wage - a pay packet that enabled a basic standard of living.
English: http://www.bbc.co.uk/news/business-20104177 http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases .
Plans to put labour reforms demanded by foreign lenders to a parliamentary vote will take place despite a junior coalition partner's refusal to back them, according to the finance minister. The government will present the 2013 budget law - which contains the bulk of new austerity measures demanded by lenders - in parliament, and a separate bill with reforms including the contested labour measures.
English: http://news.yahoo.com/greece-vote-labor-reform-despite-coalition-split .
Some 3000 to 6000 off-duty police officers demonstrated in Madrid against the loss of their Christmas bonuses while on duty police officers were sent in to control the crowd. Police officers, like other public employees, have lost large parts of their salaries in the austerity cuts. The protesters were members of the Confederaci¢n Espa¤ola de Polic¡a (CEP), the Uni¢n Federal de Polic¡a (UFP) and the Sindicato Profesional de Polic¡a (SPP).
English: http://www.heraldsun.com.au/news/world/spain-police-protest-loss-of .
http://www.digitaljournal.com/article/335638
Responding to concerns that the government will not have enough liquidity to meet its wage obligations in November, a government spokesman assured that there is `no such possibility'. Officials in Nicosia are finalising a strategy in light of the scheduled arrival of the troika. A definitive date has not yet been set, with troika negotiations and contacts continuing, aimed at the prospect of a deal as soon as possible.
English: http://famagusta-gazette.com/cyprus-will-be-able-to-pay-state-wages-next .
Trade union CGT, representing Air France ground staff, organised a walk-out on 26 October. The workers are protesting against the cut backs through which Air France aims to reach 5000 voluntary redundancies (10% of the workforce), as reported in the June newsletter. While around 30% of the staff went on strike, no flight cancellations were reported; a number of protesters clashed with Parisian police forces. Air France made known earlier that if negotiations with trade unions fail, it will consider resorting to involuntary redundancies. The airline aims to reduce its costs by 2 billion euro whilst increasing productivity by 20%.
English: http://www.dw.de/labor-union-calls-strike-on-air-france/a-16311223 http://www.english.rfi.fr/visiting-france/20121026-no-flight-cancellations-reported . http://online.wsj.com/article/SB10001424052970204598504578082431123787570 .
Following the strike notice to Dublin airport, reported in last month's newsletter, the Dublin Airport Authority (DAA) made a new offer in the long lasting dispute over a €748 million deficit in the Irish Airlines (General Employees) Superannuation Scheme (IASS) pension scheme. The new offer aimed at realising pensions at 78% of the final salary and raising the extra contribution from the DAA from 32 million euro in the previous bid, to 55 million euro in the current. However, talks at the Labour Relations Commission (LRC) aimed at resolving the dispute at Aer Lingus and the DAA collapsed. A SIPTU spokesman said that the company made generous pension contributions for a small number of elite staff which were ten times greater than those made for employees at lower grades. Industrial action is almost inevitable.
English: http://www.siptu.ie/media/pressreleases2012/mainnews/fullstory_16676_en.html http://www.irishtimes.com/newspaper/frontpage/2012/1017/1224325341362.html http://www.independent.ie/national-news/aer-lingus-staff-to-strike-next-month-over .
The government announced that the minimum wage will be increased by 1.5% from €1,846.51 to €1,874.19 per month. The rise will be confirmed in January 2013 and follows from an earlier agreed policy to keep the minimum wage in line with the median wage rise in the country.
English: http://www.wort.lu/en/view/minimum-wage-to-rise-1-5-508ab919e4b02927 .