Initial unemployment claims reached 243K last week | NLRB pursues back pay for unionized Starbucks workers | SEC rule requires more disclosure on executive pay
Initial unemployment claims fell by 2,000 to 243,000 last week, according to the Labor Department, indicating that demand for labor remains robust. Meanwhile, the four-week moving average of claims reached 247,000, a slight increase.
The rise of the virtual-first health plan The dramatic increase in telemedicine use seen early in the pandemic also fueled the rise of virtual-first health plans, an emerging model that is testing flexible, consumer-centric care for the digital health era. Register for this industry roundtable.
The National Labor Relations Board has filed a complaint accusing Starbucks of unlawfully withholding wage increases and expanded benefits from unionized employees, for whom the NLRB is seeking back pay and benefits extending back to May. Starbucks, which recently increased wages and benefits for its nonunion workers, says it cannot alter wages or benefits for unionized workers if no bargaining has taken place.
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The student debt relief plan signed by President Joe Biden on Wednesday could prompt employers to revise employee benefits that include tuition reimbursements, benefits executives say. "In spite of the excellent news, we can't lose sight of the fact that there will still be significant amounts of outstanding student loan debt across the country," says Kristen Carlisle, general manager for Betterment at Work.
For legaltech firm PC Law | Time Matters, switching from remote working to a hybrid model started with listening to employees to see if there was openness or hesitancy around returning to the office and modifying expectations to meet individual needs, writes CEO Olivia Mockel von dem Bussche. Planning was also crucial, Mockel von dem Bussche notes, and involved "a new return to office schedule" alongside an office management platform to monitor risk.
Although President Joe Biden's plan to eliminate $10,000 in student debt for many borrowers could bring some people immediate financial relief, the mental effects of managing debt, such as anxiety and feelings of hopelessness, can linger. Large debts can lead people to being too stressed to make changes that improve their financial situation, but mental health professionals say therapy can help people cope and improve their quality of life.
Stacy* was 10 when her father told her she would be going to college. “You going to college,” he told her sternly. His words echoed a common refrain of the '80s: College was the ticket to a good job and a good life. Stacy knew nothing about college; her parents had done some college work but neither had a four-year degree. Nonetheless, she planned to go.
So she did. She went to community college, declared a psychology major, got an associate’s degree and made plans to transfer. That’s when she hit a brick wall.
Money.
She didn’t have a college fund, didn’t qualify for grants -- her parents’ income was too high -- but she did manage to get some scholarship money to cover books. She knew her parents couldn’t contribute much; they were raising three kids. She wasn’t upset about that. She accepted the financial responsibility and applied for loans. She borrowed $30,000 to finish school. The day she graduated, she became the first grandchild in her family -- on either side -- to get a bachelor’s degree. Only one uncle and two aunts had their degrees. Her achievement was a family milestone.
Fast forward to now. Stacy is in her 50s and that original $30,000 loan has ballooned to more than $180,000. She’s ashamed of that number and admits she didn’t manage the loan well. “I didn’t know what I was doing. My bad for not getting help,” she says.
But she maintains that other factors also contributed to the balance spiraling out of control. Interest was capitalized into the principal and then the loan was transferred to different service providers. It became impossible for her to track what was happening to the loan. She negotiated an income-based repayment plan and has been doing her best to keep up with the payments.
But they know the system is broken and that this has had a huge impact on their balance. I pray we can drill down into this problem and create a better system that won’t crush taxpayers but will provide reasonable reprieve for debtors trying to do the right thing.
*Subject’s name has been changed to preserve her privacy.
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