27 07, 2021

How to close the wealth gap from the bottom up

2021-07-27T13:40:40-07:00July 27th, 2021|Categories: Economy|Tags: |

Source: The Washington Post More taxation of capital gains and estates could help shrink the United States’ wealth gap from the top down. The gap must also be closed from the bottom up, by bolstering access to the three key ingredients of middle-class wealth: owner-occupied homes, which represented the majority of household wealth for most people in 2019; financial assets, such as stocks, whose value, measured by the Dow Jones industrial average, has increased sevenfold since 1989; and human [...]

16 03, 2021

Uber grants UK drivers worker status after losing major labor battle

2021-03-16T15:27:38-07:00March 16th, 2021|Categories: Economy|Tags: , |

On the heels of losing a major labor battle in the United Kingdom, Uber will reclassify all U.K.-based drivers as workers. Under the new designation, more than 70,000 drivers will receive some benefits, including minimum wage, holiday time and pension contributions, but they will not get full employee benefits. Uber announced the change in a Securities and Exchange Commission filing, adding that its U.K. ride-hailing business accounted for 6.4% of all mobility gross bookings in the fourth quarter of [...]

11 03, 2021

Multiemployer Pension Relief Expected by March 14

2021-03-11T11:45:02-08:00March 11th, 2021|Categories: Economy, Multiemployer Plans|Tags: , |

The US Senate on March 6 passed the Butch Lewis Emergency Pension Plan Relief Act of 2021 (EPPRA) as part of the American Rescue Plan of 2021 (H.R. 1319), the Biden administration’s $1.9 trillion COVID-19 stimulus package. The bill was passed under the reconciliation process, requiring a simple majority vote. Because the Senate made some last-minute changes to EPPRA (which was initially proposed in the House of Representatives), the bill now moves back to the House, where it will [...]

5 03, 2021

Biden’s 36-Year-Old Economist Has Her Eye on an Equal Recovery

2021-03-05T15:42:58-08:00March 5th, 2021|Categories: Economy|Tags: , |

In a one-bedroom apartment above a Washington neighborhood of bars, clubs and brunch spots, Janelle Jones is busy trying to fix the U.S. labor market -- one economic report and one Mario Kart race at a time. The Biden administration appointed the 36-year-old as the Department of Labor’s chief economist, a little-known position that will influence the futures of millions of people. In between wading through endless spreadsheets, enduring hours of video meetings and analyzing reams of economic data, [...]

25 02, 2021

COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions

2021-02-25T14:42:15-08:00February 25th, 2021|Categories: Economy, Pension Funding|Tags: , , |

The COVID-19 pandemic relief legislation set for a vote this week in the House contains a provision to save struggling union pension plans that experts say has a good shot at passing, forecasting a possible end to a $65 billion funding crisis that threatens one million retirees' pensions. The American Rescue Plan, which cleared the House Budget Committee on Monday, would provide direct assistance to roughly 200 financially struggling union pension plans through the federal government's safety net for [...]

18 02, 2021

Employees want climate change pensions information

2021-02-18T10:27:10-08:00February 18th, 2021|Categories: Economy, Pension Funding|Tags: |

Research by workplace savings fintech Cushon has revealed employees overwhelmingly worry about whether their pensions are invested in firms that contribute to climate change – but still feel uninformed about it. The study found 84% of respondents are concerned about climate change and 69% are worried their company pension could be investing in businesses that are contributing to it. But according to the research, 99.5% of employees have no idea about the scale of carbon emitted as a result [...]

4 02, 2021

Walsh pledges revamped effort on worker rights

2021-02-04T14:23:56-08:00February 4th, 2021|Categories: Economy|Tags: , |

Tackling issues on workers' rights and safety will be top of mind for Marty Walsh if he's confirmed to lead the Department of Labor, but he also vowed to address the mounting multiemployer pension crisis during his Senate confirmation hearing Thursday. Mr. Walsh, who has served as Boston's mayor since 2014 and is President Joe Biden's nominee for labor secretary, has an extensive labor background, including leading the Boston Metropolitan District Building Trades Council from 2011-2013. Retirement issues weren't [...]

4 02, 2021

Rep. Andy Levin pledges involvement for fossil fuel workers in green energy shift

2021-02-04T14:22:06-08:00February 4th, 2021|Categories: Economy|Tags: , |

Rep. Andy Levin on Tuesday stressed that a push by the Biden administration and Congressional Democrats towards clean energy must not ignore the workers whose fossil fuel industry jobs would be displaced. A union organizer and former assistant director of organizing at the national AFL-CIO, Levin (D-Mich.) said that it's important to let workers who will be affected by the transition know that the shift will be done with their needs in mind. "We're going to build this transition [...]

6 01, 2021

Essential workers face major Covid-19 risk because of outdated safety rules

2021-01-06T14:26:27-08:00January 6th, 2021|Categories: Economy|Tags: , , |

The TUC Tuesday called on the government to urgently update workplace safety rules to protect essential workers and those who can’t work from home from Covid-19. Since the rules were published in March 2020, the scientific understanding of how the virus spreads has changed. And the UK is now battling a strain that is far more easily transmitted. Yet the rules have not been fully updated – and the union body says that this is putting workers at risk. [...]

17 09, 2020

Vast majority of managers still on lockdown

2020-09-17T08:54:46-07:00September 17th, 2020|Categories: Economy|Tags: , |

The number of money management firms with employees working from home has barely budged over the summer, a Callan survey released Wednesday showed. Callan said 81% had not opened their offices as of Aug. 15, nearly the same as the 84% that had reported keeping their doors closed in June. The investment consultant's second "Coping with COVID-19" survey report said 44% of the 98 responding firms have not set a date for returning to the office. Of the remaining [...]

4 08, 2020

Real estate executive Peter Palandjian lines up a who’s who of Corporate Boston for voting initiative

2020-08-04T11:40:02-07:00August 4th, 2020|Categories: Economy|Tags: , , |

Low voter turnouts in the US have always bothered Peter Palandjian. After the COVID-19 pandemic and waves of racial unrest overlapped this spring, he decided to do something about the issue. Palandjian, chief executive of Boston-based Intercontinental Real Estate Corp., is launching the “A Day for Democracy” project this week. It’s a nonpartisan pledge card initiative aimed at rounding up employers of all sizes who will work to increase voter participation, in part by promising to give employees some [...]

13 05, 2020

Union Pension Partitions Included in Democrat’s 4th Relief Proposal

2020-05-13T15:38:17-07:00May 13th, 2020|Categories: Economy|Tags: , , , |

The Democratic majority in the U.S. House of Representatives has published a draft version of a fourth economic relief package in response to the coronavirus pandemic, dubbed the Health and Economic Recovery Omnibus Emergency Solutions Act or the “Heroes Act.” The wide-ranging legislation addresses a host of issues, from providing supplemental funding to the SNAP food security program to creating a special fund to support struggling fisheries. Notably, the entire Division D section of the legislation is dedicated to [...]

6 05, 2020

Public pension funds are a net gain for state and local revenue – study

2020-05-06T14:47:18-07:00May 6th, 2020|Categories: Economy|Tags: |

Public pension funds were net revenue generators for state and local governments in 2018, surpassing taxpayer contributions by $179 billion, according to a biennial study released Tuesday by the National Conference on Public Employee Retirement Systems. That represents a 30.6% increase from the original study covering 2015-2016. In 2018, pension funds generated about $341.4 billion in state and local revenues through investments and retiree spending, while the taxpayer contribution to those pension plans was $162 billion. For 40 states, [...]

22 04, 2020

Senate passes coronavirus relief package aimed at small business

2020-04-22T15:24:35-07:00April 22nd, 2020|Categories: Economy|Tags: , , |

The Senate via unanimous consent passed a nearly $500 billion coronavirus relief package Tuesday aimed mostly at small businesses impacted by the COVID-19 pandemic. After weeks of negotiation between key Republicans and Democrats on Capitol Hill and White House officials, an agreement was reached on an additional $321 billion for the small-business-oriented Paycheck Protection Program. Under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which was signed into law March 27, roughly $350 billion [...]

9 04, 2020

Resources for Workers Impacted by COVID-19

2020-04-09T15:08:10-07:00April 9th, 2020|Categories: Economy|Tags: , |

The COVID-19 pandemic has impacted the lives of millions of working people and our families, and the labor movement has been working tirelessly to limit the impact of this crisis on our health and livelihoods. We worked to make sure the relief packages Congress recently passed put the needs of working families and our communities first. To help navigate these new and expanded federal and state benefits and assistance programs, we put together an online resource that has [...]

9 04, 2020

Virus Exposes Gig Economy ‘Exploitation’ ESG Investors Ignored

2020-04-09T10:16:41-07:00April 9th, 2020|Categories: Economy|Tags: , , |

ESG investors need to up their game in holding companies to account on social issues such as labor rights and employment contracts, said the head of biggest network of responsible investment firms. Fiona Reynolds, chief executive officer of the Principles for Responsible Investment, said in a blog post Friday that firms which consider environmental, social and governance issues when investing have paid too little attention to “the modern forms of exploitation surrounding the gig economy.” Lack of paid sick [...]

26 03, 2020

Denmark’s Idea Could Help the World Avoid a Great Depression

2020-03-26T08:46:10-07:00March 26th, 2020|Categories: Economy|Tags: , |

While the White House and lawmakers haggle over the terms of an emergency economic-stabilization package, Denmark has gone big—very, very big—to defeat the unprecedented challenge of the coronavirus. This week, the Danish government told private companies hit by the effects of the pandemic that it would pay 75 percent of their employees’ salaries to avoid mass layoffs. The plan could require the government to spend as much as 13 percent of the national economy in three months. That is [...]

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