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A $20 minimum wage for fast food workers will go into effect in California on Monday

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LIVERMORE, Calif. (AP) – Most fast food workers in California will earn no less than $20 an hour starting Monday, when a brand new law is about to go into effect that will provide greater financial security for a historically low-wage occupation while threatening to lift prices to some extent already familiar from high maintenance costs.

Democrats in the state Legislature passed the law last 12 months, in part to acknowledge that most of the greater than 500,000 individuals who work at fast food restaurants usually are not teenagers earning money to spend, but adults working to support their families.

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This includes immigrants like Ingrid Vilorio, who says she began working at McDonald’s shortly after arriving in the United States in 2019. Fast food was her full-time job until last 12 months. Now he works about eight hours every week at Jack in the Box while also working one other job.

An worker collects payment at Auntie Anne’s and Cinnabon in Livermore, California, Thursday, March 28, 2024. (AP Photo/Terry Chea)

“A $20 raise is great. It’s a pity it didn’t happen earlier,” Vilorio said through a translator. “Because I wouldn’t be looking for so many other jobs in different places.”

The bill was supported by a trade association representing fast food franchise owners. However, since its passage, many franchise owners have lamented the impact the law has had on them, especially during California’s slowing economy.

Alex Johnson owns 10 Auntie Anne’s Pretzels and Cinnabon restaurants in the San Francisco Bay Area. He said sales dropped in 2024, prompting him to put off office staff and switch to oldsters for help with payroll and human resources.

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Increasing his employees’ pay will cost Johnson about $470,000 a 12 months. It will should raise prices in its stores by 5% to fifteen% and will now not hire or attempt to open recent locations in California, he said.

“I try to do right by my employees. I pay them as much as I can. But this law hits our business really hard,” Johnson said.

“I have to consider selling or even closing the company,” he said. “The profit margin has become too small when you take into account all the other expenses that are also increasing.”

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Over the past decade, California has doubled the minimum wage for most workers to $16 an hour. At that point, the massive issue was whether the raise would cause some employees to lose their jobs on account of increased employer spending.

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Instead, the information showed that wages rose and employment didn’t fall, said Michael Reich, a professor of labor economics on the University of California, Berkeley.

“I used to be surprised by how little or how difficult it was to seek out the results of unemployment. In any case, we discover positive effects on employment,” Reich said.

Additionally, Reich said that while the statewide minimum wage is $16 an hour, most of the state’s larger cities have their very own minimum wage laws setting the speed higher. For many fast food restaurants, which means the jump to $20 an hour will be smaller.

The bill reflected a rigorously crafted compromise between the fast food industry and unions, which had been fighting for nearly two years over wages, advantages and legal obligations. The law was created during private negotiations between trade unions and the industry, which included the weird step of signing confidentiality agreements.

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The act applies to restaurants offering limited or no waiter service, that are a part of a national chain of no less than 60 establishments throughout the country. Restaurants operating in food premises are exempt, as are restaurants producing and selling bread as an independent menu item.

Initially, it appeared that the bread exemption applied to Panera Bread restaurants. Bloomberg News reported that the change would profit Greg Flynn, a wealthy Newsom campaign donor. However, the Newsom administration said the Raise the Wage Act applies to Panera bread since the restaurant doesn’t produce the dough on-site. Flynn also announced he would pay his employees no less than $20 an hour.

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This article was originally published on : thegrio.com

Business and Finance

Tariffs can grow, but also a black strategy

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With the rise in inflation and tariffs, black entrepreneurs don’t shrink with fear – they seem, strategies and support them forward. I saw it first hand on Tuesday evening in Russell Innovation Center for Entrepreneurs (Rice) in Atlanta, where dozens of black founders gathered on a powerful night of dialogue, combination and brightness based on solutions.

The event, a part of the continuing programming of Rice’s “retail readiness”, was greater than just a panel. It was a forum of survival – and a reminder that owners of black firms at all times had creativity and courage to adapt under pressure. At a time when economic winds are essentially the most difficult to hit products based on products, this community is predicated on strategy, not a shortage.

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Tariffs have increased, but wisdom too

One of the essential challenges was the growing load of tariffs for imported goods that increase costs around the globe – from materials and packaging to international shipping. While the specter of economic uncertainty increased, the climate within the room was not panicked.

Asked in the event that they are afraid of growing tariffs, only a few participants raised their hands. But asked in the event that they feel influence, almost everyone did that. Instead of alarm bells, the conversation focused on solutions: improvement of logistics, taking control of the warehouse, limiting unnecessary expenses and re -assessing third party suppliers.

The prevailing message: be agile, not afraid. Panelists called us to regulate surgery before making drastic changes. The goal is just not to shrink in response to pressure – it moves smarter.

Thinking about a larger, no less

Another powerful? You have to redefine what “little business” really means. Many black entrepreneurs limit their scale from habit or perceived restrictions. But, because the panel noted, in response to federal definitions, a small company can employ as much as 500 people. This implies that we’ve got a place to dream – and constructing – constructing.

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Terri-Nichelle Bradley, the founder, entered the home along with her own journey. Known for putting educational toys within the principal retailers, akin to Target, Bradley now opens her own brick store in Atlanta on May 14. It is a brave turning point that restores ownership in her hand-her story was a unique example of what it means to regain narrative and strategy.

“Black business owners do not need every answer right away,” she said within the room. “We just have to want to figure it out.”

Recovering the narrative of Dei

The conversation also concerned a hard truth: the rise in funds and guarantees of the corporate after 2020 is assumed. But the energy within the room was not bitter – it was focused. If external support dries, the reply is just not waiting – it’s best to focus again.

Daughter of Carol sold an independent entrepreneur after a decade under the property of L'Oreal USA

Panelists encouraged us to dual authenticity and a deeper reference to the communities that may already take us. This means consistently appearance, without floating and nurturing relationships with those that deliberately buy black, women and veterans.

It is just not nearly representation-it will devote property, self-determination and economic independence.

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The evening ended with a high note with practical network activities. We were asked to avoid wasting two things: what we wanted and what we can offer. Then we exchanged this information with someone in the entire room. It was greater than a icebreaker – it was a plan.

The message was crystal clear: relationships are resources. And in such rooms, cooperation is a currency.

At a time when the headlines speak about recession and withdrawal, the entrepreneurs with whom I sat do the other. They should not waiting for saving or wonderful financing. They construct their future, one deliberate movement directly.

No panic. Just a goal. And a lot of power within the room.

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(Tagstranslat) entrepreneurship

This article was originally published on : thegrio.com
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Business and Finance

Hope Operation celebrates the day of green socks

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John Hope Bryant


Operation John Hope Bryant Hope celebrated the end of the month of financial knowledge On April 30 with Green Socks Day Challenge as a visual option to emphasize the importance of financial knowledge.

As a nationwide movement, Hope Bryant and the stars of the corporate world, sport and entertainment supported the challenge of Green Socks Day, wearing live socks, stating: “Put your best foot forward.” In cooperation with Operation Hope, the initiative was supported by financial knowledge for everybody (FL4A) with a view to promote financial knowledge as national priority and gain adhesion in various state lines, strengthening people, organizations and communities to take crucial activities by supporting financial education for everybody.

Participants were encouraged to take a selfie or video in green socks and publish it in social media using the hashtag # Greensocksday. The quiz can also be available to people fascinated about assessing their financial skills. According to a press release, Operation Hope will probably be distinguished by green socks on the Times Square Nasdaq in New York.

While socks may be bought at Walmart locations, other firms supporting this initiative include the most important financial institutions, comparable to the American Bank, Trust and Huntington Bank. Other firms on board are iheartmedia, Delta Air Lines, MLB, MLS, NBA, NHL, Nascar, Nasdaq, Shopify, OpenAI and UPS.

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Hope Bryant also received support from the US government at the starting of the annual celebration. Meeting with the Secretary of the Treasury Scott Bessent, two long -time colleagues emphasized the importance of financial education built into the structure of American life, discussing ways of deepening cooperation between private and non-private sectors with a view to extend access to financial tools and knowledge. “Too long, knowledge of finances was treated as a luxury,” said secretary Bessent.

“This is a necessity, just like reading and writing. John and I have been leveled in this for almost a decade and I am proud that I can stand with him in April and later.”

In addition to April, corporations, small firms and social organizations are encouraged to have interaction employees in the initiative by organizing events related to financial skills and pushing financial resources.

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This article was originally published on : www.blackenterprise.com
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Business and Finance

John Hope Bryant shares the rent into his own strategies

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John Hope Bryant


John Hope Bryant, founder and general director of Hope operations, recently shared his rent strategies, which in his opinion provide tenants with “dignity, possibility and grace.”

Bryant still conducts efforts to fill the gap in the field of racial wealth by promoting financial skills and increasing the ownership of a black house. Financial teacher he outlined compassionate and Surprising plan to assist tenants Not only construct your credit results, but in addition prepare for potential Financial difficulties. The entrepreneur was once “the largest owner of the minority of single -family houses in the country.”

  • The tenants’ rent will likely be reduced by 10%in the event that they raise their creditworthiness from 600 to 700
  • If the tenant maintains his place of residence for 18 months, he receives 1 month “Life Event Credit” for an 18-month term. This corresponds to 3 months of “free rent” in the event of monetary difficulties.
  • Tenants are also in a position to borrow from the security deposit, paying off the money in small increases over time.

Hope operation has grow to be a number one organization non -profit Dedicated to financial reinforcement. Under Bryanta’s leadership, the organization facilitated over $ 2 billion in private capital to support home properties, small corporations and community development in underestimated areas.

Despite these efforts, black home properties remain much lower than in the case of white Americans. Black home owners from 2024 it accounted for 46.4% population. However, the total variety of houses is 65.7%, said Axios.

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Bryant emphasized the importance of getting a house in Building generational wealth.

“The whole experience related to home properties is embedded in aspirative economic growth and creating wealth,” he said in the last post on Instagram.

Bryanta’s work with Hope operation still raises the black community. The organization equips individuals with knowledge and tools mandatory to realize financial stability and residential owner. He also divides financial strategies in its weekly podcast,

Due to the incontrovertible fact that efforts are in a position to bring a racial gap, Bryanta initiatives remain a central force in promoting financial skills and economic possibilities in black communities.

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(Tagstranslate) John Hope Bryant

This article was originally published on : www.blackenterprise.com
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