Job losses: According to the the Louisiana Workforce Commission, four Louisiana companies have warned the state of their intentions to lay off workers in coming months. The Associated Press reports Martin Mills will permanently close its Vidalia Distribution Center, resulting in 167 employee layoffs scheduled to begin July 10. The closure of Hexion’s facility in Norco will result in 97 employees losing their jobs. The layoffs will begin this July and will continue for the next few years. Meanwhile, Freeport McMoRan Oil & Gas announced layoffs at two of its New Orleans divisions due to declining commodity prices and global economic conditions. A total of 32 employees will be let go. Lastly, Offshore Specialty Fabricators also will begin layoffs on July 5. Sixty-seven employees who were originally furloughed in March will be affected. The company hopes to gain new contracts to avoid this layoff.
Signature needed: A plan to boost monthly pension checks for retired state employees, public school workers and teachers is headed to Gov. John Bel Edwards’ desk for a signature. The Associated Press reports the cost-of-living increase is part of a package of bills by Shreveport Sen. Barrow Peacock, chairman of the Senate Retirement Committee. The pension hike is tied to adjustments in how the retirement systems pay for raises and administrative costs, aimed at lessening long-term debts. All three bills won final legislative passage this week. Nearly 125,000 retirees over the age of 60 will see increases, ranging from 1.5% for retired state workers and teachers to as much as 4% for retired state troopers. The average monthly increase will be about $30. The increases are estimated to cost $383 million.
See you in court: Walmart is suing Visa for allowing customers to verify chip-enabled debit card transactions with a signature instead of a PIN. USA Today reports the lawsuit filed Tuesday in New York Supreme Court says that Visa requires Walmart to accept signature-based transactions for chip debit cards, which Walmart says are a less secure method of payment than PIN-based payments and more expensive to conduct over Visa’s network. Visa declined to comment. Retailers were required to adopt payment terminals last year that accept chip-based debit and credit card transactions or else face liability for any subsequent fraud. Read the full story.
