Oxfam America’s Post

Make sure you’re reviewing your employees’ wage rates before the year ends. Minimum thresholds for administrative and executive exemptions have also risen to $1,200/week ($62,400/year equivalent) in New York City, Nassau, Suffolk, and Westchester Counties and $1,124.20/week ($58,458.40/year equivalent) in the rest of the state. The minimum wage for hourly employees increases from $16/hour downstate (NYC, LI, and Westchester) and $15 in the rest of the state.

Starting January 1, 2024, the minimum wage in Illinois will increase to $14 per hour for individuals 18 and older. Get the full details on this wage hike and how it may impact businesses in this blog post. https://bit.ly/485Ds80 Authors: Jill Ripke, Adam Weiner, and Sara Davey #WageAndHour #MinimumWage #IllinoisMinimumWage #LaborAndEmployment

MINIMUM WAGE INCREASE Another minimum wage increase may look good to the employee but it’s only short term as small businesses who employ 42% of the private sector workforce can’t afford to keep their doors open. In fact 43% said they aren’t making a profit. This means the wage increase is not going to fix the problem if the business closes its doors and all staff are unemployed. Is that what the government wants? Higher unemployment? Small businesses to go offshore or shutdown? We need to be contacting our federal MP and demanding to know what they are doing with: ➡️ the cost of living; ➡️ the skyrocketing energy costs; ➡️ the supermarket duopoly; ➡️ rental/housing crisis Don’t let the government turn this into an us versus them. Small businesses need to stay open. #smallbusiness #payrise #minimumwage #auspol

The entire Australian population desperately is yearning for major tax reform, since the current one is utterly broken. Only once it is fixed proper socio-economic development/growth can truly recommence in the best country under the sun. #AUtaxreform2024 #alignandinspire #walkthetalk #humanityfirst #selftransendecence

What do we think about the minimum wage debate? Every few years the debate surfaces sparking heated discussions about fairness, economic impact, and consequences for businesses and employees. The Pros are: Raising the minimum wage directly puts more money in the pockets of those struggling to make ends meet, improving their quality of life and reducing poverty. Increased wages lead to higher spending power, which can boost consumer demand and economic activity, benefiting businesses in the long run. The Cons: Higher labour costs can force small businesses to cut jobs, reduce hours, or raise prices, potentially leading to business closures. Critics argue that minimum wage increases often get passed on to consumers as higher prices, negating the benefits for low-wage workers.                Some also argue that higher minimum wages discourage businesses from creating new jobs, particularly entry-level positions. I think we need to try and find a middle ground that stops people struggling but also protects small businesses. 🤔 What do you think, is there a viable answer? #minimumwage #economics #socialjustice

Next Tuesday will see around a 10% rise in the Real Living Wage from £10.90 to £12 an hour for employees in my neck of the woods (i.e not London). But what is the Real Living Wage and how is it different to the National Minimum Wage? The Real Living Wage is voluntary for companies to commit to and is the rate that the Living Wage Foundation https://lnkd.in/gHixBnN believe is the minimum that people really need to live life. The National Minimum Wage however, is set by government each year and is mandatory for all employers (expected to rise to at least £11 per hour for all over 23 year olds next April). #payrollmatters #nmw

Raising the minimum wage is a hot topic, but it’s important to consider the bigger picture. When wages go up, businesses often pass those increased costs onto consumers in the form of higher prices for goods and services. This means that while some workers may take home more, everyone else ends up paying more at the store, restaurant, or gas station. We need solutions that help workers earn a fair wage without putting additional financial strain on everyday families. Let’s work together to create a balanced approach that benefits both workers and consumers. What are your thoughts on this? Share in the comments! #Economy #MinimumWage #ConsumerPrices #SmallBusiness #FinancialLiteracy

Big changes are coming to Ontario's workforce in October 2024. With the upcoming increase in the minimum wage, both employers and employees are on the cusp of a significant shift. Our blog post breaks down what you need to know about the new wage rates and how they will impact your paycheck or business operations.  Whether you are a worker striving to understand how this affects your earnings or an employer planning for the adjustment, we’ve got you covered. https://lnkd.in/gqzeCWVK #MinimumWage #EmploymentLaw #OntarioLaw #OntarioLawyers #AchkarLaw 

The New Minimum Wage is Here"#newbeginning #salaryhike #puertorico #costofliving #fairwage 💸 Puerto Rico's minimum wage has increased to $10.50 per hour. This 15% raise was approved last month despite pushback from industry groups. Business owners argue that higher costs could hurt job growth in an economy still recovering from hurricanes and pandemic shutdowns. However, for workers, the bump signifies greater purchasing power and improved living standards on the island. What do you think about the new wage floor? 🤔 Will it help or hurt Puerto Rico's progress? Share your thoughts below! #minimumwage #economy #jobs

"Well, I must say, I'm really resonating with this. It's one reason why I never pushed my children into the traditional college route, especially if they weren't keen on it from the get-go. I'm curious, though. How many out there truly believe that college was worth it? I mean, did you graduate debt-free, land a job in your field, and feel like it was all worth the investment? For me, I found an alternative path. Instead of loading up on student loans, I opted for a course that tailored to my career goals. It allowed me to learn at my own pace, focusing only on what mattered, and guess what? It paid off. I got the skills I needed without the financial burden. So, before you jump on the college bandwagon, consider all your options. Sometimes, the road less traveled leads to the most fulfilling destinations. #SalesDevelopmentRep #CourseCareers