German ruling parties agree steps towards greater pay equality
- Amazon, health stocks weigh on S&P, Nasdaq; Chevron lifts Dow
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Parliamentary faction leader of Germany's Social Democratic Party (SPD) Thomas Oppermann (R) reacts next to German Chancellor Angela Merkel during a session of the lower house of parliament Bundestag in Berlin, December 18, 2014. REUTERS/Hannibal Hans
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
BERLIN (Reuters) - Germany's ruling coalition parties agreed on Thursday to rework a draft law on greater fairness in wages between the sexes, in a bid to ensure greater transparency by obliging employers to disclose their pay structures.
Thomas Oppermann, leader of the Social Democrats' (SPD) parliamentary group, said that women in Germany on average earned 21 percent less than men and that even if structural disadvantages were discounted the wage discrimination gap was still 7 percent.
"That is going to change," Oppermann said after a meeting of senior officials from the SPD and Chancellor Angela Merkel's conservatives, who rule in coalition.
Merkel's conservatives had criticized a previous version of the draft law put forward by Family Minister Manuela Schwesig, a Social Democrat, as going beyond their coalition agreement.
Under plans drawn up at Thursday's meeting, workers at businesses with 200 employees or more will have a right to claim information on "whether they are unfairly paid", said Oppermann.
Businesses with 500 or more workers would be obliged to provide a report on pay structures. Oppermann said 14 million workers would be affected by the new rules.
(Reporting by Thorsten Severin; Writing by Paul Carrel; Editing by Hugh Lawson)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Volkswagen HR chief says expects five-digit number of job cuts: FAZ
- Vote on Ivory Coast's new constitution may not heal old wounds
- Venezuelan opposition strike patchy amid government threats
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!