Posts tagged Retirement

    Americans are taking more control over their work lives – because they have to

    January 6, 2023 // In research I’ve been conducting on side hustles in the sharing economy, I am finding that many people take these gigs to compensate for limited control in their “traditional” jobs. Although gig work comes with its own set of challenges – lack of benefits is a key one – people feel liberated by greater control over where, when and how they work. Switching on an app shifts allegiance from one company to another. Turning off an app ends the workday in an instant. People rely on side hustles to earn additional income but also because of the freedom that comes from being an independent worker. Another benefit of portfolioing is hedging risk. Sudden layoffs, such as those recently affecting the tech industry, leave people feeling exposed to financial hardship and identity loss from being involuntarily sent to the exit. When facing difficult times at one job, people can turn to other parts of their career portfolio for security and stability.

    Healthcare Workers, Especially Physicians, Slow to Unionize in Past Decade: Study

    January 6, 2023 // Some physicians, however, may oppose unions because of the cost of union dues or fears that union goals might not align with their responsibility to patients. Doctors and other healthcare workers are often concerned about the ethics of unionizing, Onello said. “They see this looming tactic of a strike or work stoppage and think, ‘I could never do that to my patients,’ ” Onello said. “But the process of collective bargaining, when it’s working well, should not lead to a strike if both sides are negotiating in good faith to reach a fair and workable agreement.”

    ‘Neglected for far too long’: RISD essential workers union votes to authorize strike

    January 5, 2023 // But discussions over wage increases remain at the center of negotiations. According to Suazo, a vast majority of the RISD workers in the bargaining unit currently make $15 to $18 dollars an hour. “The bargaining unit members believe that they have been neglected for far too long by the school,” Suazo said, adding that no “significant move” has occurred regarding wages since the strike authorization.

    Sen. Braun Introduce Bill To Maximize Americans’ Retirement Funds

    November 25, 2022 // Amends the Employee Retirement Income Security Act (ERISA) to require plan fiduciaries to select investments solely on pecuniary factors. If a fiduciary cannot distinguish between investments on pecuniary factors alone they may use non-pecuniary factors, but must provide participants reasoning for their decision. Pecuniary factors are defined as any factors that a fiduciary prudently determines is expected to have a material effect on the risk or return of an investment. fiduciary duty of plan administrators, ESG (environmental, social and governance) funds,

    Another Weirdness of the COVID Labor Market

    September 2, 2022 // The early retirements problem came into view as pandemic unemployment “cleared” and the labor market returned to status quo ante. The 65-plus group accounts for between 50 percent and 100 percent of the decline in the population-to-employment ratio, amounting to .7 percent of the entire workforce, perhaps a million or so workers, and about half that number were among those who chose to hang up their cleats ahead of time. These early retirements are interacting with the overall market in some unique ways. In a normal recession, businesses tend to cut labor costs through automation. As the old jobs are eliminated, workers are “reallocated,” meaning they move into new occupations. The NBER study finds that the COVID-19 recession saw almost no reallocation except in low-skill leisure and hospitality occupations. In the meantime, the number of workers in professional occupations grew as a share of the labor market. This relative expansion of professional jobs was also accompanied by “downskilling” (i.e., the relaxation of educational and experience requirements reflected in help-wanted ads) as firms responded to the tight labor market by making it easier for less credentialed workers to qualify for openings further up the value chain.

    Punching In: High Court Signals Coming Curbs on Agency Deference

    August 2, 2022 // The Supreme Court earlier this summer affirmed that agencies can’t regulate “major questions” with significant economic or political implications unless Congress explicitly gives them the power to do so, Given the court’s recently expanded view of what presents a “major question,” some attorneys say the conservative-majority court may next take a swipe at Chevron deference all together. And with the Biden administration’s ambitious regulatory agenda, the DOL’s moves to define an approach to independent contractor status, alter how prevailing wages are calculated, expand overtime pay protections, or issue most any other regulation could be more vulnerable to litigation if that happens. A revised version of President Joe Biden’s $94 billion bailout for union-backed pension plans will take effect next week, outlining a realistic path for hundreds of cash-strapped plans to pay benefits for the next 30 years. Michael Lotito, co-chair of Littler Mendelson PC’s Workplace Policy Institute,

    ‘The Simpsons’ production workers go union, saying they deserve a place at the table

    July 5, 2022 // 20th Television Animation, The Simpsons, American Dad!, Family Guy, Ashley Cooper, Rick & Morty, Solar Opposites, Jason Jones,

    MFA union ratifies its first contract

    June 30, 2022 // The MFA Union represents all non-managerial employees who are not already represented by another collective bargaining agreement, and includes hourly front-of-house staff and part-time educators as well as members of administrative, technical, curatorial and conservation departments. Union leaders said the salary minimums will improve pay equity across departments and raise salaries up to industry standards. Curators and conservators, who are typically paid less than salaried professionals in other departments, will see the biggest gains. “There is room for improvement in museum compensation as an industry, but this is a step in that direction … so hopefully we don’t get so behind industry standards in the future,” said Eve Mayberger, a member of the bargaining committee and an assistant objects conservator at the museum. “It is a huge improvement for many of our unit members.” Matthew Teitelbaum, Maida Rosenstein

    Still-Unreleased Union Deal Rains Cash on State Workers

    June 28, 2022 // The still-unreleased deal between the Hochul Administration and the Civil Service Employees Association (CSEA), state government’s largest group of unionized workers, would award bonuses, backpay, and guaranteed raises the next three years, documents sent to union members show. The tentative agreement, which was negotiated behind closed doors, covers about 56,000 blue- and white-collar state employees in executive branch agencies, including SUNY.

    Opinion: Apprenticeships, Not College, Can Help Reduce Unemployment

    June 25, 2022 // We estimate that the entirety of our current employment gap is driven by people without children under 18 at home and most predominantly by young adults. While total employment is down 0.28% since the start of the pandemic, employment among 20- to 24-year-olds is down 3.7%. Claudia Goldin, Mazda Toyota Manufacturing, employment gap, Huntsville, Alabama, National Student Clearinghouse Research Center, Pathways, Industry-Recognized Apprenticeship Programs, IRAP model,