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Tuesday, Sep 01st

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Obama acts to extend overtime pay for millions

ObamaSalaried workers who earn nearly $1,000 per week would become eligible for overtime pay under a proposal President Barack Obama unveiled Monday evening, saying that too many Americans are working too many hours for less pay than they deserve.

The long-awaited overtime rule change, first reported by Politico, from the Labor Department would more than double the threshold at which employers can avoid paying overtime, from the current $455 a week to $970 a week by next year. That would mean salaried employees earning less than $50,440 a year would be assured overtime if they work more than 40 hours per week, up from the current $23,660 a year.

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Massachusetts Home Care Workers Win Fight For $15

Home care workersMassachusetts home care workers have notched the latest victory in the Fight for $15.

Under an agreement Thursday with the office of Gov. Charlie Baker (R), 35,000 home care workers in the state will be guaranteed a wage of $15 per hour, according to 1199SEIU Healthcare Workers East. The regional union representing the workers said the agreement put an end to their plans to picket at the statehouse next week.

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Gap closing 175 stores to be more 'vibrant'

Gap closing 175 storesGap announced Monday it will close a quarter of its stores and cut 250 corporate jobs as it tries to chart the clothing brand back toward growth.

The company will close 175 stores across North America, not including outlets or factory stores, based on store performance. There will be additional store closures at European locations. About 140 stores will close this year. Gap will continue to operate about 500 Gap stores, plus 300 outlet stores.

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Oregon Becomes Fourth State To Pass Law Guaranteeing Paid Sick Days

paid sick days passes in OregonOn Friday, Oregon’s state House passed a bill that would require most employers to offer five days of paid sick leave to their employees. If the governor signs it into law as advocates believe she will, it will be the fourth state in the country with such a requirement.

Oregon’s bill applies to businesses with 10 or more employees and allows workers to accrue an hour of sick time for every 30 they work. The leave could be used to care for a worker herself, a family member, or donate it to a coworker. An estimated 47 percent of workers in the state don’t have access to paid sick days, including more than 70 percent of low-wage workers.

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Los Angeles approves $15 minimum wage

LA $15 minimum wageThe Los Angeles City Council on Wednesday gave final approval to an ordinance raising the minimum wage in America's second-largest city to $15 an hour by 2020 from the current $9.

The measure, which still must be signed into law by Mayor Eric Garcetti, would require businesses with more than 25 employees to gradually increase wages to meet a $15 hourly pay level by the deadline, while smaller businesses would have an extra year to comply with each step.

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HSBC to shed 50,000 jobs in quest for higher payouts

HSBC cuts jobsHSBC (HSBA.L) pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire.

Chief Executive Stuart Gulliver has made it his mission to boost profits since taking the helm of Europe's largest bank by assets in 2011 but his efforts have so far been foiled by high compliance costs, fines and low interest rates.

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12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two years to more than 44,000 amid a sluggish economic recovery that has left the poorest residents of the second-largest U.S. metropolitan area falling farther behind, a study released on Monday found.

Most of those counted weren't staying in homeless shelters. The study also found that the number of tents, makeshift encampments and vehicles with people living in them jumped by 85 percent to around 9,500.

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