U.S. President Joe Biden is announcing the infusion of nearly US$36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the U.S. The money for the Central States Pension Fund is the largest amount of federal aid provided […]
Contract talks between the United Auto Workers and General Motors Company showed some signs of progress this week as a strike by more than 49,000 employees extended into a second day. The walkout brought more than 50 factories and parts warehouses to a standstill in the union’s first strike against the U.S. automaker in over […]
Alexis Ohanian wants other guys to be jealous of him. Not because he’s a multimillionaire venture capitalist. Or because he’s married to tennis pro Serena Williams. The Reddit co-founder wants men to covet the time he gets to spend with his one-year-old daughter, Olympia. The pair is all over Instagram cheering for mom at her […]
Thousands of Google employees around the world briefly walked off the job Thursday to protest what they said was the technology giant’s mishandling of sexual misconduct allegations against executives. From Toronto and Tokyo to London and San Francisco, highly paid engineers and other workers staged walkouts of around an hour, reflecting rising #MeToo-era frustration among women over frat-house […]
Put off by what they see as exorbitant pay for Mylan executives, some big pension funds are attempting to block the re-election of a number of board members, including chairman and former chief executive officer Robert Coury, who received $100 million last year. The New York City and New York State comptrollers both signed a […]
Federal authorities allege that a former official at the pension fund for New York state public employees took bribes that included prostitutes, strippers, cocaine and a $17,000 wristwatch. An indictment issued Wednesday accuses Navnoor Kang of accepting bribes totalling about $100,000 in exchange for steering millions of dollars in business to two brokerage firms. Read: Former […]
Even Wall Street workers are unhappy with how their retirement plans are run. A participant in Morgan Stanley’s 401k plan filed a lawsuit Friday in U.S. District Court in New York alleging that it offers investment options that have too-high fees and poor track records, including some mutual funds run by Morgan Stanley itself. The […]
San Francisco became the first place in the country Tuesday to require businesses to provide fully paid leave for new parents in what was hailed as the latest move to address income inequality in the nation. The measure approved unanimously by the Board of Supervisors will give new mothers and fathers six weeks of fully paid […]
A California Assembly panel has given preliminary approval to raising the statewide minimum wage to $15 an hour by 2022. Members of the Assembly Appropriations Committee voted 12-7 Wednesday to advance the agreement between Democratic Gov. Jerry Brown and labour unions. It could be considered by the full Assembly as soon as Thursday. Read: Ontario minimum […]
The Illinois Supreme Court dealt another devastating blow Thursday to the state’s impatient attempts to control its ballooning public pension debt by striking down a state law that would have cut into an $8 billion hole in two of Chicago’s employee pension accounts. The law forced the city to significantly ramp up its taxpayer-fueled contributions, but also cut […]