TJ Hughes Staff Each Receive £3200 Compensation [1st Oct 2012]
Staff who had previously worked in the store TJ Hughes before it went into administration last year have been awarded up to £3,200 each in compensation. The compensation was capped at just eight weeks pay with an upper limit of £400 per week. The trade union USDAW found that the administrators Ernst and Young had failed to make the correct consultations before the redundancies were made. Ernst and Young have said that in some circumstances it is not always possible to properly consult with staff regarding redundancies and in this case they could not give notice. So far the compensation award has been given to staff in Scotland but further claims are also being made in England, Wales and Northern Ireland. USDAW have said that they are sure their members will be pleased the award has been made. However it is small recompense for having lost your job after many years of service. Related Stories: Former TJ Hughes store staff win compensation - www.bbc.co.uk Usdaw wins compensation for TJ Hughes workers - www.retailgazette.co.uk A demonstration was held at the Labour Party conference this week aimed at the illegal blacklisting of construction workers by the building company Carillion among others. The GMB union organised the protest at the conference which is being held in Manchester. The national officer for the GMB, Paul Maloney commented that they wanted to highlight the fact that more than 3,000 workers have never received an apology or compensation from Carillion or other employers after the way they were treated. Just 194 workers were ever told that they had been blacklisted, but the others are sure that they were. The protest was also designed to highlight the lack of proper health and safety on work-sites. The GMB believe that hundreds of thousands of pounds should be paid to blacklisted workers and they will be taking legal action against the estimated 40 firms who operated the blacklists. They would also like to see those firms who participated denied public sector contracts due to their behaviour. Related Stories: Blacklisted construction workers stage protest at illegal firms - www.standard.co.uk Protest over construction blacklisted - www.google.com The man who in currently in prison for stealing more than £28m from his company has claimed that he has no money and cannot offer compensation to his victims. Asil Nadir has said that he has no assets and that he relied on the generosity of his family and friends. His company Polly Peck International (PPI) was wound up in 1990 and Nadir was declared bankrupt. He then disappeared to Cyprus, but returned to the UK in 2010 to clear his name. There has been no explanation of where jewellery and paintings which were owned by Nadir have gone and that Nadir had lived in a £500,000 per year rental property while awaiting his trial. It has been suggested that he was more than capable of paying compensation. However it has been impossible to get concrete financial records from Cyprus. PPI had been a FTSE top 100 company until it was raided by the Serious Fraud Office and Mr Nadir's involvement in fraud was investigated. Related Stories: Asil Nadir tells compensation hearing he is penniless - www.bbc.co.uk I'm penniless, Asil Nadir tells court - www.independent.co.uk The Financial Services Authority has estimated that more than 40,000 interest rate swaps could have been mis-sold to small businesses by banks. This is one third higher than the estimate of 28,000 previously made and has been revised since banks have supplied the FSA with new information. It is now thought that the cost to the banking industry for the compensation required could be much higher than expected. Currently a total of £630m has been put aside by the three main offenders and other banks have joined an FSA redress programme to offer compensation. However some experts have estimated that the cost to the banking industry could be as high as £10bn which would make it an even more expensive scandal than PPI mis-selling. The FSA could also choose to investigate fixed rate business loans which were sold without warnings about derivative contracts which left businessmen owners with large get out fees. Related Stories: FSA lifts estimate of mis-sold swaps - www.telegraph.co.uk FSA raises number of dubious financial products sold by 40 per cent - www.domain-b.com  |
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