Factbox: Growing list of Australian companies underpaying staff [Reuters]
Westpac Banking Corporation (WBK)
US:NYSE Investor Relations:
westpac.com.au/about-westpac/investor-centre
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Source: Reuters
Factbox: Growing list of Australian companies underpaying staff (Reuters) - Some of Australia’s biggest companies have been caught up in underpayment scandals, prompting the federal government to say it would introduce tougher laws that criminalise what it called “wage theft” and ban executives from being company directors if they were involved. Here are some companies which recently admitted to underpaying staff: ** Australia’s second-largest lender Westpac Banking Corp ( WBC.AX ) said it would have to pay A$8 million ($5.54 million) to around 8,000 employees who were found to have been underpaid their long-service leave entitlements due to calculation errors. ** Retail conglomerate Wesfarmers Ltd ( WES.AX ) said it had underpaid employees at its Target department store business by A$9 million. This was on top of the errors disclosed in October when it said about 6,000 staff in other divisions were underpaid about A$15 million since 2010. ** Coles Group ( COL.AX ), the country’
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