Long COVID continues to impact the lives of US workers. Millions of Americans live with long COVID and its many symptoms. These include fatigue, cognitive impairment (commonly referred to as muscle or joint pain, shortness of breath, heart palpitations, sleep difficulties, mood changes, and more. With millions of Americans suffering daily, more must be done to address this crisis.
Showing posts sorted by date for query recession. Sort by relevance Show all posts
Showing posts sorted by date for query recession. Sort by relevance Show all posts
Wednesday, January 24, 2024
Thursday, March 18, 2021
Bill to Overhaul National Unemployment Insurance Technology
US Senate Finance Committee Chair Ron Wyden, D-Ore., Senator Sherrod Brown, D-Ohio, Senator Mark Warner, D-Va., and Senator Catherine Cortez Masto, D-Nev., today introduced legislation that would establish one set of technology and security capabilities for state unemployment offices.
Monday, March 1, 2021
EEOC Cases: 58% Retaliation-36.1% Disability
The U.S. Equal Employment Opportunity Commission (EEOC) today released detailed breakdowns for the 67,448 charges of workplace discrimination the agency received in Fiscal Year (FY) 2020. The agency secured $439.2 million for victims of discrimination in the private sector and state and local government workplaces through voluntary resolutions and litigation. The comprehensive enforcement and litigation statistics for FY 2020, which ended on Sept. 30, 2020, are posted on the agency’s website, which also includes detailed breakdowns of charges by state.
Friday, May 17, 2019
Equifax Battles Unemployed Workers
Today's guest author is Jon Rehm, Esq. of the Nebraska bar.
See also:
Taxi cab driver awarded workers compensation benefits
Employment Status: Common Law Tests May Need an Update
The Internet Redefines Jurisdiction
Is Social Insurance in Our Nation's Future?
NJDOL Alerts CPA;s About Employee Misclassification
According to USA Today, thanks to a data breach that effected 143 million Americans, credit reporting company Equifax is the most hated corporation in America.
But if you think the data breach was bad, just wait until you hear what Equifax does with unemployment claims.
In 2012 Equifax acquired TALX (pronounced “talks”) which helps employers process unemployment claims. In 2010, the New York Times did some good reporting about how TALX helped delay and even deny unemployment benefits to unemployed workers during the height of the Great Recession with questionable appeals and other tactics. At that time, TALX processed unemployment claims for employers comprising up to 30 percent of the workforce.
But even as memories of the Great Recession fade from media consciousness, TALX is still up its old tricks as a division of Equifax. The silver lining to the Equifax/TALX dark cloud for newly unemployed is if an employee appeals a denial of unemployment and Equifax/TALX is handling the claim, there is a good chance that Equifax/TALX will not appear for the unemployment appeal hearing.
The mere fact Equifax/TALX no shows a hearing doesn’t automatically mean an employee wins their unemployment appeal in Nebraska. According to 224 NAC 01 014, an employee appealing a determination still must present evidence as to why the determination was incorrect. This is true whether the employee was alleged to have quit or was fired. The quit/fired distinction is important as the employee has the burden to prove they quit for good cause while the employer has the burden of proof to show the they fired the employee for misconduct in connection with employment.
In my experience with uncontested unemployment appeals, the quit/fired distinction is less important than it is in a contested hearing. The problem for many employees though is that they don’t appeal their determination within the 20 day period allowed under Nebraska law. Additionally some employees could avoid an initial denial of benefits if they would better communicate with the Nebraska Department of Labor about their unemployment claim.
Sometimes newly unemployed workers do things to undermine their right to receive unemployment, but I refuse to scapegoat ordinary people when a corporation like Equifax is actively working against unemployed workers pursing unemployment insurance.
Taxi cab driver awarded workers compensation benefits
Employment Status: Common Law Tests May Need an Update
The Internet Redefines Jurisdiction
Is Social Insurance in Our Nation's Future?
NJDOL Alerts CPA;s About Employee Misclassification
Sunday, October 8, 2017
NASI Study: Employers & Employees Lose With Workers' Compensation
WASHINGTON, D.C. – Workers’ compensation employer costs as a share of payroll declined in 2015, reversing a four-year trend, and benefits as a share of payroll fell for the fourth straight year, according to a new report from the National Academy of Social Insurance (the Academy).
Wednesday, August 12, 2015
Workers’ Compensation Benefits for Injured Workers Continue to Decline While Employer Costs Rise
Study Finds Benefits as a Share of Payroll Approach Lowest in Three Decades
Workers’ compensation benefits as a share of payroll for injured workers continue to decline even as employment grows and overall employer costs increase, according to anew report from the National Academy of Social Insurance (the Academy).
Friday, February 20, 2015
This Chart Shows What Walmart's Pay Raises Mean for the Minimum Wage
In a move set to reignite the debate over increasing the federal minimum wage, Walmart said Thursday it’s giving half a million of its employees a raise.
Here’s what’s in store for the 500,000 employees who are paid the company’s baseline wages (which are highly contested numbers), according to a statement:
What do Walmart’s raises really mean in context of the minimum wage debate?
As the world’s largest retailer, Walmart’s actions will likely provide a boost to those who want to bump up the federal minimum wage from $7.25 per hour to $10. Those efforts have repeatedly been blocked by some lawmakers in Congress, leading many states to pass their own laws establishing minimum wages above the federal level.
But supporters of a higher federal minimum wage have also called for the rate to be tied to inflation. Why? As inflation increases, the same amount of money buys less stuff — so that $7.25 could feel more like $6.50 or $5.75.
Take a look at the chart above: The federal minimum wage, shown in blue, has been increasing since 1938. But the purchasing power of that wage, shown in orange, has mostly been falling since 1968.
You might notice a slight uptick in the minimum wage’s purchasing power in recent years. That’s because inflation rates were unusually low in the wake of the Great Recession. But as the economy continues returning to normal, expect the minimum wage to lose purchasing power once again.
To bring it back to...
[Click here to see the rest of this post]
Saturday, January 17, 2015
California: WCIRB Report Shows Continued Increase in Claim Frequency
The WCIRB has released an update to its Analysis of Changes in Indemnity Claim Frequency report which was originally published in 2012 and last updated in December 2013. In prior reports, WCIRB researchers explored potential causes for the increases in claim frequency in California that have persisted since 2010 and that differ from the claim frequency experience of other states.
Prior frequency reports have identified a number of factors influencing claim frequency including increases in cumulative injury claims, increases in smaller non-cumulative injury claims that may have been reported as medical-only in the past, increases in the proportion of indemnity claims relative to total claims, and increases in late-reported indemnity claims and the proportion of medical-only claims that later transition to indemnity.
In this latest update, WCIRB researchers studied the influencing factors driving recent claim frequency based on the most up-to-date data available. The WCIRB’s principal findings include:
Shifts to a less hazardous composition of industries in California (“industrial mix”) have historically driven claim frequency downward. The recent economic recovery in higher hazard industries such as construction and manufacturing has had the opposite impact. In 2013, rather than dampening claim frequency, shifting industrial mix is increasing claim frequency by approximately 1%.
The 2010 increase in frequency was greatest in industries that were most impacted by the recession (e.g. construction and real estate). Since 2010, relativities for higher-frequency industries such as agriculture, construction, and entertainment have increased while those for the lower-frequency industries such as real estate, professional services, and finance have declined.
The 2010 indemnity claim frequency increase was generally experienced across all California regions. Since that time, the increases have been concentrated in the Los Angeles area. Indemnity claim frequency increased an estimated 9% in the Los Angeles Basin region from 2010 to 2013 while, similar to the pattern shown in many other states, other California regions showed modest declines. By comparison, indemnity claim frequency in the Bay Area declined by 7% over the same period. The Los Angeles area also has experienced significantly higher numbers of cumulative injury claims and claims involving multiple body parts than other regions of California.
As the economy recovers, newer workers enter the system and are often more likely to be injured on the job than more experienced workers. The proportion of injured workers with less than 2 years of experience at their current job has grown by 8% from 2010 to 2014, suggesting the economic recovery is a significant driver of recent claim frequency increases.
The full Analysis of Changes in Indemnity Claim Frequency—January 2015 Update Report is available in the Research and Analysis section of the WCIRB website.
Prior frequency reports have identified a number of factors influencing claim frequency including increases in cumulative injury claims, increases in smaller non-cumulative injury claims that may have been reported as medical-only in the past, increases in the proportion of indemnity claims relative to total claims, and increases in late-reported indemnity claims and the proportion of medical-only claims that later transition to indemnity.
In this latest update, WCIRB researchers studied the influencing factors driving recent claim frequency based on the most up-to-date data available. The WCIRB’s principal findings include:
- Unlike in most other states over the last several years, California indemnity claim frequency has continued to increase as WCIRB data currently indicates increases of 3.2%, 3.9% and 0.9% in 2012, 2013, and 2014, respectively.
- The number of late reported indemnity claims continues to increase, whereas the percentage of medical only claims reported after 18 months has generally remained stable since 2007.
- The level of cumulative injury claims has continued to increase. Approximately 13% of indemnity claims are estimated to involve a cumulative injury in 2013 compared to approximately 8% in the 2005 to 2007 period.
- The growth in cumulative injury claims beginning in 2009 has been concentrated in claims involving more serious injuries and multiple injured body parts. Both the proportion of cumulative injury claims involving indemnity benefits and the proportion involving injuries to multiple body parts have increased significantly since 2010.
Shifts to a less hazardous composition of industries in California (“industrial mix”) have historically driven claim frequency downward. The recent economic recovery in higher hazard industries such as construction and manufacturing has had the opposite impact. In 2013, rather than dampening claim frequency, shifting industrial mix is increasing claim frequency by approximately 1%.
The 2010 increase in frequency was greatest in industries that were most impacted by the recession (e.g. construction and real estate). Since 2010, relativities for higher-frequency industries such as agriculture, construction, and entertainment have increased while those for the lower-frequency industries such as real estate, professional services, and finance have declined.
The 2010 indemnity claim frequency increase was generally experienced across all California regions. Since that time, the increases have been concentrated in the Los Angeles area. Indemnity claim frequency increased an estimated 9% in the Los Angeles Basin region from 2010 to 2013 while, similar to the pattern shown in many other states, other California regions showed modest declines. By comparison, indemnity claim frequency in the Bay Area declined by 7% over the same period. The Los Angeles area also has experienced significantly higher numbers of cumulative injury claims and claims involving multiple body parts than other regions of California.
As the economy recovers, newer workers enter the system and are often more likely to be injured on the job than more experienced workers. The proportion of injured workers with less than 2 years of experience at their current job has grown by 8% from 2010 to 2014, suggesting the economic recovery is a significant driver of recent claim frequency increases.
The full Analysis of Changes in Indemnity Claim Frequency—January 2015 Update Report is available in the Research and Analysis section of the WCIRB website.
Friday, December 19, 2014
Fueled by Recession, U.S. Wealth Gap Is Widest in Decades, Study Finds
 The wealthy are getting wealthier. As for everyone else, no such luck. A report released on Wednesday by the Pew Research Center found that the wealth gap between the country’s top 20 percent of earners and the rest of America had stretched to its widest point in at least three decades. Last year, the median net worth of upper-income families reached $639,400, nearly seven times as much of those in the middle, and nearly 70 times the level of those at the bottom of the income ladder. There has been growing attention to the issue of income inequality, particularly the plight of those earning the federal minimum wage of $7.25 an hour or close to it. But while income and wealth are related (the more you make, the more you can save and invest), the wealth gap zeros in on a different aspect of financial well-being: how much money and other assets you have accumulated over time, including the value of your home and car plus any investments in stocks, bonds and the like. Think of it as “a measure of the family ‘nest egg,’ ” as Pew calls it — a hoard that can sustain a household during an emergency, like the loss of a job, and in the long run can see someone through retirement. The wealth gap “exposes varying degrees of vulnerability,” said Valerie Wilson, an economist at the Economic Policy Institute, a left-of-center research group in Washington, adding that it also was passed down through the generations. While those at the top have... |
Friday, December 5, 2014
Growth In U.S. Health Spending In 2013 Is Lowest Since 1960
Today's post was shared by Kaiser Health News and comes from kaiserhealthnews.org
National health spending grew 3.6 percent in 2013, the lowest annual increase since the Centers for Medicare and Medicaid Services (CMS) began tracking the statistic in 1960, officials said Wednesday. Spending slowed for private health insurance, Medicare, hospitals, physicians and clinical services and out-of-pocket spending by consumers. However, it accelerated for Medicaid and for prescription drugs, according to the report, published online by the journal Health Affairs. Health care spending has grown at historically low rates for the past five years, which is consistent with declines generally seen during economic downturns, such as the Great Recession that crippled the U.S. economy at the end of 2007. Looking ahead, “the key question is whether health spending growth will accelerate once economic conditions improve significantly; historical evidence suggest that it will,” noted the authors, who are from the CMS Office of the Actuary.  They also pointed out, however, that in the near term, the health sector will “undergo major changes that will have a substantial impact” on consumers, providers, insurers and sponsors of health care. These are the result of the health law’s creation of online marketplaces, its expansion of Medicaid, a shared federal-state health care program for the poor and disabled, and restraints the law made to the Medicare program, the analysts found. “The balance of these and many... |
[Click here to see the rest of this post]
Thursday, November 20, 2014
10 Challenges for Workers’ Compensation
| Today's post is shared frommynewmarkets.com/ Today’s challenges are also tomorrow’s opportunities depending on the viewpoint. Those same opportunities could also remain tomorrow’s challenges. This special report highlights 10 current workers’ compensation issues and offers opinion on why they could be tomorrow’s challenges for the line. Wage & Salary Stagnation  Average U.S. base salary increases for 2014 held steady at 3 percent for the second year in a row, but pay raises still are roughly one percentage point below pre-recession levels, according to the annual Compensation Planning Survey by Buck Consultants. Low to moderate pay wages haven’t helped the workers’ compensation market. “Salary stagnation or low growth of wages will have a telling impact on the workers’ comp industry in the future for the simple reason that payroll growth is necessary in order to have premium growth,” says John Leonard, president and CEO of MEMIC, a Super Regional workers’ compensation specialist insurer based in Portland, Maine. “If you consider that payroll is one of the basic components of developing a premium for a risk, once you have no growth or low growth that has a capping effect, so to speak, in terms of premium growth.” Therefore the problem for tomorrow’s workers’ comp market will be not enough premium growth to cover the costs associated with the medical component of the claim dollar, Leonard says. “We have seen over the past 20 to... |
Tuesday, October 7, 2014
The Economy: German Industrial Output Drops
The economy drives workers' compensation premiums and benefits. Revenue is the blood of the system. Predicting the future is problematic. Several recent news items are indicators of a ponzi scheme: the US wages remain down even though employment supposedly is pre-election and the stable of the European economy is fracturing in Germany. Lower US gas prices signal low demand internationally for petroleum. If the US economy slips yet again, event though interest rates are low and the US Government keeps printing money, the workers' compensation insurance industry maybe headed for big economic trouble. How much more can you trim from the benefit system and still say that it works as efficiently and effectively? Today's post is share from wsj.com/
[Click here to see the rest of this post]
| German industrial output declined sharply in August, data from the country’s economy ministry showed Tuesday, raising fears that German growth in the third quarter will be minimal, if at all. The figures, the second piece of downbeat economic data from Europe’s largest economy in as many days, showed that factory output in adjusted terms fell 4% on the month—the sharpest decline since 2009. The fall was well below analysts’ expectations of a 1.5% decline, according to a survey conducted by The Wall Street Journal. Germany’s economy ministry also reduced its July figure to growth of 1.6% from the 1.9% gain originally reported. The data came a day after a surprise decline of 5.7% in manufacturing orders for August—also the sharpest since January 2009, when the world was mired in financial crisis. Though orders data don’t translate immediately into production numbers, Monday’s data release amplified concerns about Germany’s growth outlook. The German economy is “likely to have stagnated at best,” in the third quarter, said Ralph Solveen, an economist at Commerzbank. Following a 0.6% annualized decline in the second quarter, a contraction in the third quarter would meet a common definition for a recession, namely two consecutive quarters of economic decline. Tuesday’s data were weak across the board, with manufacturing output down 4.8% and construction output down 2.0%. Energy output eked out a... |
Monday, September 22, 2014
Rutgers report: devastating impact of long term joblessness
Today's post is shared from northjersey.com
[Click here to see the rest of this post]
| * Research finds that many who have been unemployed describe "devastated" lives A Rutgers University study released today provides a grim, detailed picture of the severe impact that long-term unemployment continues to have on the lives of millions of Americans more than five years after the end of the Great Recession. About one-third of the long-term unemployed workers — six months or more — in the study, based on surveys of unemployed and employed Americans across the nation, said they had been "devastated" and suffered a permanent change in their lifestyle by their jobless experience. The study, titled "Left behind: The long-term unemployed struggle in an improving economy," found that one in five workers laid off in the last five years are still unemployed. And it showed how far long-term jobless workers slip compared with employed workers. Fifty-one percent of long-term jobless workers said they had a lot less income and savings than they did five years ago, while only 23 percent of employed workers said they had suffered similar economic damage, the study found. Sixty-one percent of the long-term unemployed said they did not expect their finances to improve in the next five years, the study found. That was about 11 percentage points higher than the assessment by employed workers of their finances over the next five years. "While the worst effects of the Great Recession are over for... |
Those Lazy Jobless
| Today's post is shared from nytimes.com Last week John Boehner, the speaker of the House, explained to an audience at the American Enterprise Institute what’s holding back employment in America: laziness. People, he said, have “this idea” that “I really don’t have to work. I don’t really want to do this. I think I’d rather just sit around.” Holy 47 percent, Batman!  But it’s still amazing — and revealing — to hear this line being repeated now. For the blame-the-victim crowd has gotten everything it wanted: Benefits, especially for the long-term unemployed, have been slashed or eliminated. So now we have rants against the bums on welfare when they aren’t bums — they never were — and there’s no welfare. Why? First things first: I don’t know how many people realize just how successful the campaign against any kind of relief for those who can’t find jobs has been. But it’s a striking picture. The job market has improved... |
Monday, September 1, 2014
Labor Day: Wages and Salaries Still Lag as Corporate Profits Surge
| Today's post is shared from the nytimes.com In the months before Labor Day last year, job growth was so slow that economists said it would take until 2021 to replace the jobs that were lost or never created in the recession and its aftermath. The pace has picked up since then; at the current rate, missing jobs will be recovered by 2018. Still, five years into an economic recovery that has been notable for resurging corporate profits, the number and quality of jobs are still lagging badly, as are wages and salaries. In 2013, after-tax corporate profits as a share of the economy tied with their highest level on record (in 1965), while labor compensation as a share of the economy hit its lowest point since 1948. Wage growth since 1979 has not kept pace with productivity growth, resulting in falling or flat wages for most workers and big gains for corporate coffers, shareholders, executives and others at the top of the income ladder. Worse, the recent upturn in growth, even if sustained, will not necessarily lead to markedly improved living standards for most workers. That’s because the economy’s lopsidedness is not mainly the result of market forces, but of the lack of policies to ensure broader prosperity. The imbalance will not change without labor and economic reforms. For instance, new research from the Economic Policy Institute shows that from the first half of 2013 to the first half of 2014, hourly wages, adjusted for inflation, fell for nearly everyone. An exception was a small gain for the bottom 10... |
Sunday, August 31, 2014
California Legislature Passes Bill to Protect Temp Workers
| Today's post is shared from http://www.propublica.org/ The bill, inspired in part by a ProPublica investigation, will hold companies accountable for labor abuses by temp agencies and subcontractors they use.The California legislature has passed a bill that would hold companies legally responsible if the temp agencies and subcontractors they hire cheat workers out of their wages or put them in harm's way. Labor officials across the country have increasingly expressed concern about the rapid growth of the temporary staffing industry since the recession. They have also noted the push by hotels and warehouses to subcontract work that is part of their core business, such as cleaning guest rooms and unloading trucks. Assembly Bill 1897, passed Thursday night, was inspired in part by a ProPublica investigation last year that found that temp workers were more likely to be injured on the job than regular workers and that some temps for brand-name companies were being charged fees that brought their pay below minimum wage. "We are one step closer to preventing companies from engaging in a 21st century scam by claiming the men and women who do their work are not really employees, but 'temporary workers' for labor contractors or agencies," Jim Hoffa, president of the Teamsters union, said in a statement after the bill passed the state Senate earlier this week. "This corporate shell game allows corporations to deny responsibility for basic worker rights like pay, benefits, and working conditions." The Teamsters and the... |
Monday, July 28, 2014
Inequality Is Not Inevitable
Today's post was shared by Steven Greenhouse and comes from opinionator.blogs.nytimes.com
| AN insidious trend has developed over this past third of a century. A country that experienced shared growth after World War II began to tear apart, so much so that when the Great Recession hit in late 2007, one could no longer ignore the fissures that had come to define the American economic landscape. How did this “shining city on a hill” become the advanced country with the greatest level of inequality? One stream of the extraordinary discussion set in motion by Thomas Piketty’s timely, important book, “Capital in the Twenty-First Century,” has settled on the idea that violent extremes of wealth and income are inherent to capitalism. In this scheme, we should view the decades after World War II — a period of rapidly falling inequality — as an aberration. This is actually a superficial reading of Mr. Piketty’s work, which provides an institutional context for understanding the deepening of inequality over time. Unfortunately, that part of his analysis received somewhat less attention than the more fatalistic-seeming aspects. Javier JaĂ©n Over the past year and a half, The Great Divide, a series in The New York Times for which I have served as moderator, has also presented a wide range of examples that undermine the notion that there are any truly fundamental laws of capitalism. The dynamics of the imperial capitalism of the 19th century needn’t apply in the democracies of the 21st. We don’t need to have this... |
Monday, July 14, 2014
OSHA Chief: Inequality in America Is About Workplace Hazards, Too
 Inequality and poverty have taken center stage in American politics in the years since the recession. Fast food workers have raised the profile of low-wage work, cities and states around the country are raising the minimum wage, and elected officials in both parties have made the struggles of poor Americans core political issues. But David Michaels, Ph.D., M.P.H., who leads the Occupational Safety and Health Administration under the Obama administration, says that workplace inequality is more than just wages. In an interview, Michaels, who is responsible for enforcing federal laws to project workers from illness and injury, says the regulatory structures he oversees aren’t sufficient to protect vulnerable workers from harm. NBC: The political conversation about inequality in recent years has focused on wages. You've made the point that when addressing inequality, we should focus more on workplace health and safety issues. Why? Michaels: Wages are clearly a core component of the discussion of inequality and the ability to get into and stay in middle class. But workplace health and safety issues also have an enormous impact. Workplace injury and illness can push workers out of middle-class jobs and make it hard to enter into the middle class in the first place. Studies show that workplace injury... |
Thursday, July 10, 2014
Don't Forget Lehman Bros.
Today's post was shared by WorkCompCentral and comes from daviddepaolo.blogspot.coJust as California's State Compensation Insurance Fund was rebounding from the Unicover induced crisis in the workers' compensation market, which forced SCIF to protect more than 50% of the market by year 2000, the monolithic carrier succumbed to enticing bond purchases that was part of the precipitous mortgage backed securities debacle that plunged the country into the worst recession in history by 2008.
Insurance companies routinely invest in bonds because they are relatively safe investments and not generally subject to the vagaries of the market - they are fixed income securities upon which an investor can usually expect the represented return of both interest and the underlying capital.
SCIF alleged in a 2011 federal lawsuit that financial services giant Lehman Brothers misrepresented the risk associated with more than $85 million in investment bonds the Fund purchased between 2004 and 2008.
Those bonds, which were to mature between 2010 and 2014, were allegedly sold in 2009 for $19 million.
The carrier just recently dismissed from that lawsuit three Lehman executives it alleged steered the brokerage into selling these misguided investments all the while misrepresenting to customers, SCIF and others, the true extent of the firm's financial degradation and concealing the worthlessness of the mortgages underlying the purchased bonds.
WorkCompCentral's Mike Whiteley reports this morning that a joint stipulation filed in U.S. District Court for the Southern District of New...
[Click here to see the rest of this post]
Related articles
Insurance companies routinely invest in bonds because they are relatively safe investments and not generally subject to the vagaries of the market - they are fixed income securities upon which an investor can usually expect the represented return of both interest and the underlying capital.
SCIF alleged in a 2011 federal lawsuit that financial services giant Lehman Brothers misrepresented the risk associated with more than $85 million in investment bonds the Fund purchased between 2004 and 2008.
Those bonds, which were to mature between 2010 and 2014, were allegedly sold in 2009 for $19 million.
The carrier just recently dismissed from that lawsuit three Lehman executives it alleged steered the brokerage into selling these misguided investments all the while misrepresenting to customers, SCIF and others, the true extent of the firm's financial degradation and concealing the worthlessness of the mortgages underlying the purchased bonds.
WorkCompCentral's Mike Whiteley reports this morning that a joint stipulation filed in U.S. District Court for the Southern District of New...
[Click here to see the rest of this post]
Related articles
Thursday, July 3, 2014
Average NJ CEO makes 121 times more money than you
Wage inequality in NJ continues unabated. Todays is shared from app.com Jane Elfers, the chief executive officer of The Children’s Place, a retailer based in Secaucus, received a compensation package worth $17.2 million in 2012, according to the AFL-CIO. The average New Jersey worker needs to work 121 years to match the compensation that the average New Jersey CEO makes in one. That’s according to an AFL-CIO report released Tuesday, showing the Garden State’s top executives make on average $5.7 million. By comparison, the rank and file make on average $46,825. “What these figures show is a recovery that is only rewarding the very rich at the expense of everyone else,” said Charles Wowkanech, president of the New Jersey State AFL-CIO. “The middle class is disappearing, and it’s because corporate profits are going into the hands of a very limited few.” The New Jersey statistics were part of the union group’s website, paywatch.org, that is designed to call attention to the growing income disparity between the corner office and the cubicle. It was released as the economy continues its long, slow recovery from a devastating recession that cost the nation 8 million jobs, including more than 250,000 in New Jersey. What has emerged has been sluggish job growth with little pressure on employers to increase wages for their workers. Meanwhile, top executives are racking up giant paychecks. Sense of unfairness The ramifications, one economist said, are stark. The working class has... |
Subscribe to:
Posts (Atom)