Meta moderators threaten to stop work over missing salaries

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San Francisco, Jan 12 | A group of third-party content moderators at Meta (formerly Facebook) has reportedly threatened to stop work until their salaries are paid in full.

Facebook moderators at an Accenture site in Austin, the US are “facing a payroll disaster that has left many without their holiday paychecks,” reports The Verge.

In an open letter to the CEOs of Meta and Accenture, they have threatened to halt work.

“If these issues are not resolved immediately a work stoppage will be enacted,” said the message.

According to the report on Tuesday, some workers have received lump-sum payments from the company but not “everyone has received those payments, and many are in desperate financial straits”.

“Some employees have had to take out payday loans just so they could have enough money to buy food for their children,” an unnamed employee was quoted as saying.

Facebook did confirm the disruption and said that Accenture has notified its employees of this issue “and is working to resolve it as soon as possible.”

Accenture said that it has not seen “any indication of coordinated work stoppage at the site”.

“We recently switched payroll providers and experienced some unanticipated challenges during our first payroll run with the new provider,” a company spokesperson told The Verge.

“We continue encouraging our people who need assistance to reach out to their supervisor or HR, so we can help them resolve.”

Facebook hired several firms like Accenture, Cognizant, Genpact and ProUnlimited to help it moderate and remove harmful content in the aftermath of the 2016 US presidential election and Cambridge Analytica data scandal.

Accenture reportedly employs more than a third of the 15,000 people whom Meta said it has hired to inspect its posts.

Meta had more than 30,000 employees working on safety and security — about half of whom are content moderators.

The social networking giant in May 2020 agreed to pay $52 million to third-party content moderators who developed post-traumatic stress disorder (PTSD) and other mental health issues as they scanned scores of disturbing images of rape, murder and suicide to curb those on the platform.

In a preliminary settlement in San Mateo Superior Court, the social networking giant agreed to pay damages to 11,250 US-based moderators and provide more counselling to them, the media had reported.

Several moderators had said that they had been diagnosed with PTSD after working for Facebook.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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