16 Jan, 2023 @ 20:30
1 min read

Surprise inspections for Big Four accounting firms accused of running sweatshop practices in their Spain offices

Madrid 1999645 1280

ACCUSATIONS that they were making their Spanish employees work 84 hour weeks triggered simultaneous surprise inspections for the big four accounting firms by Spain’s labour ministry.

The Madrid offices of PwC, KPMG, EY and Deloitte received visits from government inspectors last November investigating potentially abusive practices, the FT report.

The ministry said it was concerned about compliance with both labour and social security law at the consulting giants.

“Our main objective is to check whether there are any overtime hours for which employees have not been paid or received subsequent time off.”

The big four host 20,000 employees in their Madrid skyscrapers, many of whom are new graduates eager to get their accounting accreditation and a big name company on their CV.

Madrid 1999645 1280
The four firms, whose skyscrapers tower over Madrid (pictured) generate combined annual revenues of more than €700 million in Spain

However, the big four are thought to take advantage of this level of demand.

Their legal services divisions — a big part of their Spanish operations — pays their trainees as little as €14,000 a year and junior staff just under €35,000, according to research by the IE Law School and Signium, an executive search firm.

In contrast, a junior analyst in investment banking in Spain could earn €100,000 per year – although also for a very punishing work schedule.

A group of junior auditors at EY’s Barcelona office complained to bosses in an email in 2021 that they were having to work 84 hours a week, which they described as ‘unsustainable’.

Yolanda Díaz, labour minister and one of Spain’s deputy prime ministers, said: “The excesses and abuses of overtime hours are being investigated and the mandate is clear?.?.?.?No big company, no matter how big, is beyond the law.”

Left-wing Díaz has made working conditions a central focus for the labour ministry after a law was introduced in 2019 that requires the start and end times of the working day to be noted.

More than 11,000 infringements affecting nearly 113,000 workers were recorded last year, triggering fines of almost €14 million.

READ MORE:

Murcia’s Corvera airport in Spain celebrates fourth birthday as passenger numbers still struggle

Watch: The mysterious case of the headless and handless corpse that washed up next to a Marbella restaurant

Chairman of private healthcare group slams Spain’s public system, calling it ‘broken’

Walter Finch

Walter Finch, who comes from a background in video and photography, is keen on reporting on and investigating organised crime, corruption and abuse of power. He is fascinated by the nexus between politics, business and law-breaking, as well as other wider trends that affect society.
Born in London but having lived in six countries, he is well-travelled and worldly. He studied Philosophy at the University of Birmingham and earned his diploma in journalism from London's renowned News Associates during the Covid era.
He got his first break in the business working on the Foreign News desk of the Daily Mail's online arm, where he also helped out on the video desk.
He then decided to escape the confines of London and returned to Spain in 2022, having previously lived in Barcelona for many years.
He took up up a reporter role with the Olive Press Newspaper and today he is based in La Linea de la Concepcion at the heart of a global chokepoint and crucial maritime hub, where he edits the Olive Press Gibraltar edition.
He is also the deputy news editor across all editions of the newspaper.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

placido domingo  e
Previous Story

New sexual allegations emerge against Placido Domingo during performance in Spain in 2000s

Orange alert for strong gusts of wind 0
Next Story

Gale-force winds down trees and injure two in Spain’s Malaga

Latest from Business & Finance

Go toTop

More From The Olive Press

4 bedroom Townhouse for sale in Ronda - € 245

4 bedroom Townhouse for sale in Ronda – € 245,000

Townhouse Ronda, Málaga   4 beds   3 baths €
3 bedroom Villa for sale in Badalona - € 429

3 bedroom Villa for sale in Badalona – € 429,000

Villa Badalona, Barcelona   3 beds   2 baths €