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"Let Me Tell You About The Very Rich. They Are Different From You And Me.” | Tax Policy Center
For the lowest 20 percent of households (those making $25,500 or less), labor income accounts for about half of all income and government transfers about one third. For nearly every other income group, 60 percent or more comes from wages, salaries, and employment-related benefits. This fraction declines and for the top 1 percent (those making $783,000 or more), their income is about equally split between capital and labor income. At the very top (the top 0.1 percent or those making $3.4 million or more), more than half of income comes from interest, dividends, and capital gains, while only one-quarter comes from wages and benefits.
Incomeinequality  wages  workrequirements 
3 days ago by brycecovert
Obama expanded overtime pay to 4 million workers. Now Trump is scaling that back.
With few exceptions, only workers who earn less than $23,000 a year can currently earn overtime pay under federal law. Overtime wages are defined as 50 percent extra hourly pay for employees who work more than 40 hours in a week.

In 2014, the Obama administration tried to double the threshold to include workers earning up to $47,000, tying future changes to the cost of living. The idea was that a dramatic expansion was needed because the government hasn’t raised the salary limit to keep up with inflation. For example, the $8,060 salary limit set in 1975 was the equivalent of about $50,440 in 2014 — far above the current $23,000 threshold. That means that over the years, more and more Americans have been working extra hours without getting paid for them, which is exactly what federal labor laws meant to prevent.

But Obama’s decision to double the limit created quite an uproar. In brief, here’s what followed: Powerful businesses groups freaked out. Then they joined 21 Republican-controlled states to sue the administration before the rule went into effect in 2016. The rule was put on hold during the legal dispute. A federal judge in Texas invalidated it in 2017, arguing that the Labor Department didn’t have the authority to make such a drastic change.

Companies were relieved, and workers were furious.

And instead of appealing the Texas court’s ruling, Trump’s labor secretary, Alexander Acosta, said he would create a watered-down version of Obama’s rule. Now the agency is only lifting the salary limit from $23,000 to $35,000 and scrapping the cost-of-living increases; that means about 2.8 million of the 4 million workers who expected to get overtime benefits won’t get them.

Richard Trumka, president of the AFL-CIO labor federation, called the new rule “disgraceful.”

“[This] is part of a growing list of policies from the Trump administration aimed at undermining the economic stability of America’s working people,” he tweeted on Friday.

The public can comment on the rule proposal for 60 days before the Department of Labor sends a final version to the White House for review. If the White House approves the new rule, which is likely, it will be the Trump administration’s latest victory in its quest to undo Obama-era regulations meant to benefit workers.
barackobama  DonaldTrump  regulation  government  overtime  employment  legal  usa  salary  wages  economics  business  from instapaper
11 days ago by jtyost2
Die 8 ist keine 3 - Makroskop
Für den öffentlichen Dienst auf Länderebene hat ver.di, die deutsche Dienstleistungsgewerkschaft, nach langen Verhandlungen am Wochenende einen Abschluss über 8 Prozent Lohn- und Gehaltzuwachs verkündet. Der Pferdefuß ist, wie fast immer in den letzten Jahren, die sehr lange Laufzeit. Sage und schreibe für 33 Monate
Germany  wages  economics 
13 days ago by yorksranter
Analysis | The very good news buried in an otherwise mediocre jobs report
On its surface, the Department of Labor’s report on February employment may seem troubling. The country added only 20,000 jobs last month, well below what had been added in earlier months. Thanks in part to the devastation the recession wrought on employment a decade ago, we’ve taken to looking at jobs numbers as a barometer of the economy, meaning that a 20,000-job gain can look worrisome.

There is a point, though, at which the country will theoretically approach full employment — everyone who wants a job can get one. Our economy is based on supply and demand, as you likely learned in middle school, but that works for jobs, too. Because so many people are employed, the supply of workers is low, and employers are having trouble filling jobs. So employers will theoretically increase demand for the jobs they want to fill: by raising wages.
statistics  economics  economy  usa  inflation  wages  employment  2019  from instapaper
15 days ago by jtyost2
When Time Binds: Substitutes for Household Production, Returns to Working Long Hours, and the Skilled Gender Wage Gap | Journal of Labor Economics: Vol 37, No 2
"We provide evidence that constraints that prevent highly skilled women from working long hours hinder gender pay equality. We show that relaxing one such constraint by increasing the supply of substitutes for household production—proxied by intercity variation in predicted low-skilled immigration—increases the relative earnings of women in occupations that disproportionately reward overwork. Low-skilled immigration inflows induce young women to enter occupations with higher returns to overwork and shift women toward higher quantiles of the male wage distribution. The share of women in the top decile remains unaffected, suggesting that other barriers prevent women from reaching the very top."
JOLE  gender-gap  wages  human-capital  jessica.pan  patricia.cortes 
15 days ago by MarcK
UK employers run down clock on gender pay deadline  | Financial Times
Fewer than one in seven of the 10,000 eligible UK employers have submitted gender pay gap data to the government only a month before the deadline for reporting the figures.

Just 1,463 employers had reported by midday on Friday. Overall, their median pay gap stood at 11.1 per cent, slightly below last year’s figure of 11.8 per cent.
Among this group the average pay gap fell by just 0.1 percentage point but it is unclear if the drop can be attributed to the new disclosure rules.

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Despite the small decrease, 72 per cent of employers still paid men more than they paid women. Just over half narrowed their gap, while 37 per cent posted larger discrepancies than last year.
wages  gendergap 
19 days ago by brycecovert

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