Susan Tompor Detroit Free Press Published 6:00 AM EDT Oct 18, 2018 Jamie Cummings, 41, faces $93,000 in student loans, the kind of college debt that could keep anyone awake at night. "It's so overwhelming, knowing that my last payment will be when I'm 65 years old," said Cummings, a customer service manager for the Carhartt in Dearborn. She's paying $450 a month — roughly a car payment — just to deal with her student loan debt from her undergraduate and master's degrees from Eastern Michigan University. She borrowed to study to be a teacher. Thanks to the interest that keeps building on her loans, the amount she owes has grown since she obtained her master's degree in communications in 2008. "I had to pay for my books. I had to pay for my housing. My parents were not in any position to assist," Cummings said. So she was absolutely thrilled when her company, Carhartt — maker of sturdy jackets for construction workers and … [Read more...] about More employers may help workers pay back student loans
Matt Ott Associated Press Published 2:29 p.m. UTC Jul 31, 2018 Washington – U.S. workers saw their annual wages and benefits rise in the second quarter at the fastest pace in nearly a decade, a sign that the low unemployment rate is forcing employers to raise pay to attract and keep workers. Pay and benefits for all U.S. workers increased 2.8 percent in the April-June quarter from a year earlier, the most since the third quarter of 2008. Total compensation for private industry workers – which excludes state and local employees – rose 2.9 percent, the best since the second quarter of 2008. The unemployment rate is near an 18-year low of 4 percent, leaving employers scrambling to find the workers they need. There are more open jobs than there are unemployed workers, according to government data, for the first time since records began in 2000. A separate measure of wages and salaries for private sector workers rose 2.9 percent in the past year, matching … [Read more...] about Annual worker pay gains rose at fastest pace since 2008
Josh Boak Associated Press Published 11:01 p.m. UTC Jun 14, 2018 Washington – Halfway through a news conference Wednesday, the head of the world’s most powerful central bank was asked a question weighing on the minds – and the checking accounts – of Americans everywhere: When will people finally start getting meaningful pay raises? Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer. He called it a “puzzle.” And then, as if measuring his words, he said he wasn’t prepared to call it a “mystery.” Puzzle or mystery, the source of the consternation is this: The U.S. unemployment rate has dropped to a multi-decade low of 3.8 percent. A shortage of qualified people to hire has frustrated many employers who have complained that they can’t fill job openings. In theory, those two factors should combine to unleash a wave of robust pay raises for everyone from construction crews, teachers, accountants … [Read more...] about Weak pay growth puzzles Fed chief
The effort to repeal tax increases needed for across-the-board teacher pay raises has called into question how schools should proceed, so State Superintendent Joy Hofmeister is asking Oklahoma Attorney General Mike Hunter to sort out the matter.Hofmeister on Thursday sent Hunter a formal request for his opinion about whether schools must go ahead and increase teacher and school support worker pay, as required in House Bill 1023xx, before the outcome of a referendum petition drive to kill the new taxes to pay for those raises is settled.In short, schools are worried they will be obligated for the raises without the state money to meet those obligations.“We have received a number of questions from districts about the mechanics of House Bill 1023xx, teacher pay raise legislation, in light of the pending referendum on House Bill 1010xx revenue measure," Hofmeister told the Tulsa World. "We are seeking clarity on uncertainties that have been raised. This is particularly … [Read more...] about Hofmeister to Oklahoma AG: Should teachers start getting raises amid effort to kill taxes needed to pay for them?
THE American country singer Ry Cooder had a famous single in 1979 called ‘Little Sister', based on an original recording by the great Elvis.Well, that song came from Ry's eighth album, the title of which brings us to our theme for today. The album is called ‘Bop Until You Drop'.Casting an eye over the list of songs, that whole record (sorry, CD ... sorry, download) could have been written for all of us working in our jobs today, and saving into our pension.For a start, it looks as though over three million of us are going to do just that – ‘bop until we drop' - we who fear we'll have to work until we die, according to some new research just published by Scottish Widows (SW). There are also over 10 million of us expecting to work until forced to retire through ill-health. What kind of ‘retirement' is that, especially since SW points out nursing home costs these days cost on average £866 a week.The research was done in January just past, and contains … [Read more...] about Why workers may be forced to ‘bop until they drop’