Americans work 25 percent more than Europeans, study finds
The average person in Europe works about 258 fewer hours less per year, or about an hour less each weekday, than the average person in the US, according to a new study. The study incorporates retirement, vacation, unemployment, and other time spent out of the workforce. The data shows it is more than a cultural difference – as recently as the early 1970s, people in the US and Western Europe worked about the same number of hours per week. One theory is that in the US, “workers have an incentive to try harder to move up the job ladder because a promotion is worth more,” according to economist Dora Gicheva. Higher taxes, stronger worker protections and more generous pensions in Europe also play a role, the study says. In the US, more people over 65 are working than at any point in the past 50 years, as the shift from traditional pensions to 401(k) plans makes it harder to know when it’s safe to retire. (Bloomberg)
White House urges ban on non-compete agreements for many workers
The Obama administration has called on US states to ban agreements prohibiting many workers from moving to their employers’ rivals, saying it would lead to a more competitive labour market and faster wage growth. The administration said states should consider barring companies from requiring low-wage workers and other employees who are not privy to trade secrets or other special circumstances to sign the agreements. 20 percent of US workers are bound by non-compete agreements, including 14 percent of those earning less than $40,000 per year. The issue drew attention in June when the attorney general of Illinois filed a lawsuit claiming non-compete agreements signed by employees of fast-food franchise Jimmy John’s were unlawful. (Reuters)
Corporate Reputation
US owners of diesel Volkswagens to receive compensation
The United States District Court in San Francisco has given final approval to an agreement calling for Volkswagen to spend $10 billion to buy back or fix the nearly half-a-million cars caught up in Volkswagen’s emissions-cheating scandal. Volkswagen will pay the full market value for the vehicles from before the company admitted its cheating in September 2015, and up to $10,000 in compensation money on top of that. Dealers are expected to begin buying back the cars early next month. Owners who would have their cars fixed may have to wait at least several weeks, until the US Environmental Protection Agency approves a software solution that will work for most of the vehicles. (New York Times)
Community Investment
JPMorgan Chase to help small businesses owned by minorities and women
JPMorgan Chase has announced that it is expanding its Small Business Forward program, more than doubling its support by committing $75 million to support women-, minority- and veteran-owned small businesses over next three years. The purpose of the program is to support small businesses that have growth potential, offer quality employment and create economic opportunity for vulnerable populations. Part of the commitment is a $1.9 million grant to the Association for Enterprise Opportunity, which connects small business owners with alternative funding sources when they are unable to qualify for traditional loans. Chase has also extended its partnership with the nonprofit lender LiftFund by providing a $4.6 million grant for web-based loans to minority- and women-owned businesses. (Triple Pundit)
Human Rights
Threats of death and violence common for women in politics, report says
A study of 55 female MPs in 39 countries has revealed a ‘widespread and under-reported problem’ of physical, sexual and psychological violence against female MPs. More than 40 percent of female MPs interviewed by the Inter-Parliamentary Union said they had received threats of death, rape, beatings or abduction while serving their terms. About 65 percent of those surveyed said they were often subjected to “humiliating sexist remarks”, many made in parliament by male colleagues. At the launch, Susana Villarán, former mayor of Lima, said she received attacks and threats that sought to “make it clear it was not a place for a women like me to try and disrupt that male world of politics and power”. Despite the abuse, 80 percent who had experienced sexual violence and harassment said the abuse would not prevent them from running for another term. (Guardian)
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