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US / The Rising Age Gap: The Old vs the Young
Households headed by older adults have made dramatic gains relative to those headed by younger adults in their economic well-being over the past quarter of a century, according to a new Pew Research Center analysis of a wide array of government data. In 2009, households headed by adults ages 65 and older possessed 42% more … Continue reading
Young Americans want Congress to focus on jobs, education and ensuring that Social Security
Today’s 20-somethings are the first generation, as a whole, to face downward economic mobility compared to their parents’ generation, according to a new report from national policy center Demos and youth advocacy organization Young Invincibles. The report, entitled “The State of Young America,” details how the Great Recession has intensified the impact of thirty years … Continue reading
Detroit / Another 500 layoffs looming for Detroit employees in February
Some 2,000 pink slips have already gone out in the last few years. And now, another 500 cuts are scheduled for February. It’s already worrying union leaders like Leamon Wilson. The president of the AFSCME Local 312 told the Detroit News that more cuts could cripple the city’s bus service. “You can’t deliver the service…It … Continue reading
Malaysia / Hiring Bangladeshi migrants to start from January 13
Malaysia has resumed recruiting Bangladeshi migrant workers after a four-year pause, an official said Tuesday, in a move easing Dhaka’s remittance worries after the jobs market in the Middle East dried up. The Bangladesh government on Monday announced that an online registration process for those seeking work in Malaysia would start from January 13, following … Continue reading
India / Factory Jobs up by 7.8%, wages by 18.1% in 2010-11: Survey – The Economic Times
The number of jobs in industries increased by 7.8 per cent while wages rose by 18.1 per cent in real terms in 2010-11, a government survey has said. Total persons engaged in different industries were 1.27 crore in 2010-11 compared to 1.17 crore in 2009-10, according to the Annual Industries Survey released by the Ministry … Continue reading
US / Top Miminum Wage will rise by 1.2 Big Mac per week to $10.55
The highest minimum wage in the nation is set to rise again in 2013, as San Francisco’s low-end compensation rate will increase from $10.24 to $10.55 per hour. In 2003, voters approved a local ordinance tying the minimum wage to the regional rate of inflation in San Francisco, Oakland and San Jose. Set at $8.50 … Continue reading
Fiscal Cliff / A Reminder
What is causing all the sturm und drang? Is this really a Mayan apocalypse of expiring tax breaks and sequestered spending cuts. Hardly — here is what we are discussing, in terms so simple even a congressman could understand it: • Bush tax cuts expire; tax rates revert to Clinton-era levels. Recall this was originally designed to get rid … Continue reading
Taiwan / 82 % of office workers plan to change jobs in 2013
Up to 82.33 percent of Taiwan’s office workers want to land a new job before the Lunar New Year, which falls on Feb. 10, 2013, because of the economic slowdown, the results of a survey released on Friday showed. Among those interested in getting a new job, 36.7 percent said they were planning to do … Continue reading
Hurricane Sandy / It had an impact on mass layoffs finds the BLS
Employers took 1,759 mass layoff actions in November involving 173,558 workers as measured by new filings for unemployment insurance benefits during the month. Mass layoff events increased by 399 from October, and the number of associated initial claims increased by 42,385. Mass layoff data for November reflect the impact of Hurricane Sandy on workers in … Continue reading
Cuba / State payroll cut as number of private-sector jobs rises
Cuba’s drive to slash state payrolls and spur private-sector growth picked up surprising steam in 2012 as President Raul Castro moved ahead with reforms to the Soviet-style economy, according to figures unveiled recently with little hoopla. The number of private or “non state” workers rose 23 per cent in 2012, while state sector employment dropped … Continue reading
India / Over a million jobs in India will be created in 2013, reversing the Brain Drain
Many new jobs are expected to open up in India in the coming year, offering opportunities to home-sick Indian expats who long for a job back home. Ushering in 2013, estimates show that the country may see more than a million jobs being created over the course of the next 12 months. The country suffered … Continue reading
France / Court rejects 75 percent tax on millionaires
France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit. The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 … Continue reading
Thailand / Civil Service Brain Drain
More than eight years have passed since Her Majesty the Queen lamented the effects of the brain drain caused by the mandatory retirement of civil servants at the age of 60. The Civil Service Commission agreed with her suggestions and in 2008 a legal amendment to the Civil Service Act was approved to allow a … Continue reading
France / Hollande Jobs Pledge Undermined
The French economy grew less than initially reported in the third quarter, signaling a recovery that may be too weak to help President Francois Hollande’s government reduce unemployment that’s at a 15-year high. Gross domestic product rose 0.1 percent, half the pace estimated on Nov. 15, statistics institute Insee in Paris said today. Data late … Continue reading
The Great Recession / 6.3 M children were living in families with an unemployed parent on average in 2012
“Economic conditions for children today are similar to those of a year ago—and much worse than they were in 2007. Millions of families with children have not yet regained ground lost during the recession.” write Julia B. Isaacs and Olivia Healy in The Recession’s Ongoing Impact on Children, 2012: Indicators of Children’s Economic Well-Being (Adapted choosen excerpts by … Continue reading
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