UK retailer Tesco faces £4 billion claim over unequal pay for women

Lawyers argue that Tesco’s in-store employees, who are largely women, are paid far less than those in the male-dominated distribution centers, even though their work is of equal value to the company.
Updated 07 February 2018
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UK retailer Tesco faces £4 billion claim over unequal pay for women

LONDON: British supermarket chain Tesco is facing legal claims that it is paying women less than men for work of equal value, in a case that lawyers estimate could ultimately cost it as much as £4 billion (SR20.9 billion) in compensation payments.
Law firm Leigh Day said Wednesday it has begun filing claims with the employee conciliation service Acas on behalf of 100 women, but the case could eventually apply to more than 200,000 Tesco workers.
“We believe an inherent bias has allowed store workers to be underpaid for many years,” said Paula Lee of Leigh Day. “In terms of equal worth to the company there really should be no argument that workers in stores, compared to those working in distribution centers, contribute at least equal value to the vast profits made by Tesco.”
The lawyers argue that in-store employees, who are largely women, are paid far less than those in the male-dominated distribution centers, even though their work is of equal value to the company.
Tesco said it had not yet seen the claim, but that it works hard “to make sure all our colleagues are paid fairly and equally for the jobs they do.”


Bank lending for ‘real economy’ key to boost China growth: central bank official

Updated 16 February 2019
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Bank lending for ‘real economy’ key to boost China growth: central bank official

  • ‘The central bank doesn’t wish to use administrative methods to require banks (to lend)’
  • Quantitative easing is neither necessary nor possible at the moment

SHANGHAI: China should encourage its banks to support smaller, private firms in the real economy, rather than forced lending or policies such as quantitative easing, a state newspaper quoted a central bank official as saying on Saturday.
“The central bank doesn’t wish to use administrative methods to require banks (to lend),” Sun Guofeng, head of the monetary policy department at the People’s Bank of China (PBOC), told the Financial News, a bank publication.
“It wants to establish positive encouragement mechanisms though monetary policy tools to encourage banks to actively increase their support for the real economy, especially toward smaller and privately-owned firms,” Sun said.
The comments come a month after Sun wrote a commentary in which he argued that problems with timely capital replenishment, bank liquidity gaps and poor rate “transmission” are three major constraints on banks’ supply of credit.
In the interview with the Financial News, Sun said monetary policy transmission had “noticeably improved,” showing that steps to enhance transmission mechanisms had been effective.
He said the central bank would increase the strength of innovation in monetary policy tools.
Perpetual bond issuance “is only one breakthrough” in reducing capital constraints on banks, Sun said, adding that “other methods” could be used in the future.
He said that quantitative easing was neither necessary nor possible at the moment, noting that under China’s financial system the significance of the central bank buying Chinese treasury bonds on the secondary market is limited, and that the PBOC is barred from buying the instruments on the primary market.
China’s banks made the most new loans on record in January following a series of moves to boost lending as authorities try to prevent a sharp slowdown in the world’s second-largest economy.