Magical Trade
Wednesday, May 18, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Minimum wage for workers on new federal contracts will rise to $15 starting Jan. 30

by
November 22, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Melvin Capital says it’s winding down funds and returning money to investors during market turmoil

Biden invokes Defense Production Act to boost baby formula manufacturing to ease shortage

Labor activists hold a rally in support of a national $15 minimum wage on May 19, 2021, in Washington, D.C.

Kevin Dietsch | Getty Images News | Getty Images

Federal contractors will be guaranteed an hourly minimum wage of at least $15 in all new contracts with government agencies beginning on Jan. 30, 2022, the U.S. Department of Labor announced on Monday.

President Joe Biden had signed the executive order lifting the hourly rate for federal contractors from $10.95 in April. The change is expected to impact some 327,000 workers, including food-service employees and nursing assistants who currently make less than $15 an hour.

The order will also lead to the end of the tipped minimum wage for federal contractors, which is now $7.65 an hour, by 2024.

More from Personal Finance:
Federal stimulus efforts prompt comparisons to guaranteed income
How one universal basic income experiment is helping the homeless
Just 30% of the poorest families have a savings account

Many workers will have to wait longer than January for the pay bump, however. The increased wage is a requirement only in new contracts, and therefore won’t apply to workers on existing federal agreements, which can be three years or five years long.

Still, officials at the Labor Department celebrated the raise on a call with reporters on Monday.

“It’s a step in the right direction,” said Jessica Looman, acting administrator of the Department of Labor’s Wage and Hour Division.

“Bottom line, we really want to make sure we’re leveraging the purchasing power of the federal government to ensure fair wages for workers across the country and in the territories.”

ShareTweetPin

Related Posts

Melvin Capital says it’s winding down funds and returning money to investors during market turmoil

by
May 18, 2022
0

Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management LP, speaks during the Sohn Investment Conference in...

Biden invokes Defense Production Act to boost baby formula manufacturing to ease shortage

by
May 18, 2022
0

The Abbott manufacturing facility in Sturgis, Michigan, on May 13, 2022. Jeff Kowalsky | AFP | Getty Images President Joe...

Art Cashin of UBS says stocks are now at risk of even deeper sell-off

by
May 18, 2022
0

The big fall for stocks on Wednesday has put the market at risk of an even deeper pullback, according to...

Elon Musk says he’ll vote Republican, bashes Democrats

by
May 18, 2022
0

In this article TWTR Trump advisor Steve Bannon (L) watches as President Donald Trump greets Elon Musk, SpaceX and Tesla...

Bath & Body Works shares fall as retailer cuts profit outlook due to inflation

by
May 18, 2022
0

In this article BBWI Sale signs inside the Bath and Body Works store in Edmonton. On Thursday, January 6, 2022,...

Next Post

Trump-allied dark money group joins forces with a think tank run by ex-president's former aides

One of the biggest risks to the stock market may finally be abating

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net