An Australian salary index shows a 3.7 percent average salary increase over the year to September 2022.
Media company CBS agrees to a multi-million dollar settlement after a state investigation finds that it covered up multiple allegations of sexual assault made against its former president and CEO. Meanwhile, media reports indicate that banker Morgan Stanley is gearing up for another round of layoffs and Amazon says it will press ‘pause’ on hiring as it adjusts to a slow economy.
CBS to pay millions after covering up sexual assault allegations
Media company CBS has agreed to pay a $30.5 million (R535 million) settlement after an investigation found that it covered up multiple allegations of sexual assault made against former president and CEO Les Moonves.
New York attorney general Letitia James said, “CBS and Leslie Moonves’ attempts to silence victims, lie to the public and mislead investors can only be described as reprehensible. After trying to bury the truth to protect their fortunes, today CBS and Leslie Moonves are paying millions of dollars for their wrongdoing. Today’s action should send a strong message to companies across New York that profiting off injustice will not be tolerated and those who violate the law will be held accountable.”
CBS neither admitted nor denied wrongdoing in the settlement, reports SHRM.
Morgan Stanley to cut jobs, report
Morgan Stanley will reportedly soon start another round of layoffs, as rising inflation and an economic downturn take their toll on the Wall Street major.
In Asia-Pacific, the bank has drafted a list of staff members considered redundant, who will mainly come from teams that focus on China-related business, two of the sources said to Reuters.
Some of the cuts will come from capital markets teams in Hong Kong and mainland China, and most of the rest are expected to be from other teams focusing on China business, both onshore and offshore, the third source said.
‘Pause’ in hiring at Amazon
Online retailer Amazon will be freezing “new incremental” hiring across its corporate workforce as it deals with a slower economy, reports Bloomberg.
Amazon Chief Executive Andy Jassy and his team of senior executives made the decision this week, Beth Galetti, Amazon’s top human resources executive, recently said in a corporate blog.
Depending on the business, Amazon may replace employees who depart, and there are some “targeted places” where the company will add to its ranks, she wrote.
Average salaries rise by 3.7 percent in Australia
Average advertised salaries in Australia rose by 3.7 percent over the year to September 2022, according to the Seek Advertised Salary Index.
Seek Senior Economist Matt Cowgill said, “The moderation in advertised salary growth is a good sign for inflation. We’re not seeing wages and inflation spiralling.”
“Workers will be less comforted, with advertised salary growth lagging the cost of living. Changing jobs is still the best way to get a pay rise, with advertised salaries growing faster than overall wages. But the bidding war for jobseekers has eased a little in recent months,” he added.