Connect with us

Business and Finance

Older Americans are working longer, in the spotlight of Social Security reform

Published

on

discrimination, study, aging, racism, Social Security, older Americans


How as we have previously reported, older Americans proceed to be lively in the workforce, working longer hours than in previous years because many of them cannot afford to retire.

According to , Nationwide, 22% of retirement-age staff are still employed; nonetheless, the number of self-employed people is 25%.

There are, of course, states where the number of retirement-age staff far exceeds this average.

Advertisement

In New Jersey, 33.8% of the workforce are retiree-age staff, followed by North Dakota (32.8%), Maryland (31.2%), New Hampshire (30.9%), and Connecticut (30.3%). . According to the Federal Reserve, only 51% of American adults aged 65 to 74 had a retirement account.

For adults 75 and older, that number drops to 42%.

According to , for black adults of retirement age, these numbers are lower.

According to , 67% of single black retirees have incomes below the senior ratea University of Massachusetts Boston dataset that measures whether older adults can afford basic living expenses. For white Americans, nonetheless, this figure drops to 50%.

Advertisement

According to Kilolo Kijakazi, a fellow at the Urban Institute who focuses on income, wealth and race, the disparities are related to racism in the labor market that dates back to the enslavement of black people.

“We have a history of discrimination in hiring, pay, promotions and benefits. Hiring discrimination also contributes to occupational segregation. “White people trafficked people of African descent to create wealth for whites, but black people did not benefit from the wealth of their labor,” Kijakazi said.

Kijakazi concluded: “After emancipation, we had laws and regulations designed to maintain this effect and even deprive blacks of the riches they had been able to create for themselves in the face of such adversity.”

As Darrick Hamilton, an economist and executive director of the Kirwan Institute for the Study of Race and Ethnicity at Ohio State University, told the Times, white Americans have a bonus in wealth creation, putting blacks behind the each day eight ball.

Advertisement

“For most Americans, wealth tends to be created by wealth begetting more wealth,” Hamilton said. “Having access to an endowment that invests in assets that will passively appreciate in value over your lifetime is how most Americans generate wealth.”

Social Security, the entitlement program that pays retirement advantages, actually encourages people to work longer. However, most black staff work in industries that make it difficult for them to work until they reach maturity receive a full pension at the age of 70.

Social Security Works, a progressive organization looking for to reform Social Security to work for the modern employee, has proposed a straightforward change that they imagine will profit Black people and other staff of color after they retire.

Under their proposals, staff who turn 62 will receive 85% of their full retirement profit, which is predicted to extend to 100% after they reach full retirement age of 70.

Advertisement

According to A A 2023 joint study from the Center for Retirement Research at Boston College and the Urban Institutemaking the U.S. government’s retirement advantages formula more favorable to low-income staff would profit black staff, but not as much as simply paying them more for his or her work.

According to the study: “Although many of the benefit adjustments we modeled would disproportionately help Black and Latino beneficiaries and reduce Social Security benefit gaps, none of them would eliminate these disparities.”

The study concluded that: “Achieving equity in Social Security advantages for black and Latino adults would require significant progress toward equity in labor market outcomes. Although mortality and marriage also affect Social Security advantages by determining how long people will collect advantages and whether they are going to have access to spousal and survivor advantages, the primary factor influencing profit amounts is lifetime earnings. This puts black and Latino staff at a drawback because they are paid lower hourly wages and work fewer years on average than white staff. “Our recent analysis of the structural factors responsible for Social Security benefit shortfalls for Black adults found that improving Black workers’ lifetime earnings has the greatest potential to improve their retirement security.”

Advertisement


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

Business and Finance

Trump cuts off the minimum wage increase

Published

on

By

Executive order 14236, minimum wage, President Trump, federal contractors, hourly workers


President Donald Trump canceled the key executive order from the time of Biden, which raised the minimum wage for federal contractors to USD 17.75 per hour, the movement that warned work supporters will negatively affect a whole lot of hundreds of employees with low earnings, with a very significant impact on black employees, especially in the states through which black Americans are a big a part of the federal force. working.

Pisuction, adopted by the executive order 14236 on March 14 Effectively excludes Executive ordinance 14026, signed by President Joe Biden on April 27, 2021, which progressively increased the minimum wage for federal contract employees.

The currently reborn order of Biden, which from 2022 recorded full effects, raised a minimum wage for these employees and directed the secretary of labor to introduce future corrections to maintain the inflation step.

Advertisement

From January 1 It caused In a minimum wage of USD 17.75 for individuals employed by private firms and non -profit organizations concluded by the federal government. By raising the federal minimum wage for all employees requires congress activities, the Department of Labor is entitled to set higher wage standards especially for federal contractors. Contractors include a large spectrum of employees in various industries, from the staff of the war and catering service to IT specialists.

Estimates from the Institute of Economic Policy (EPI) in 2021 forecasted that about 1.9 million people, including construction employees, organized federal tasks of contracts in 2022. About 390,000 employees, representing about one five of all federal labor, it was that their wages would increase as a result of the order of executive biden 14026. collectively Experience the increase in remuneration by $ 1.2 billion.

Proponents of the next minimum wage argue that he assures that taxpayers’ dollars support job offers that provide life salary, as an alternative of encouraging the “Race to the bottom” through which contractors compete, providing the lowest possible salary. They also indicate research suggesting that the increase in the minimum wage results in lower trade in employees, improvement of worker efficiency and increased efficiency.

For example, Study 2021 Krista Ruffini He identified that minimum wage increases in care homes correlated with higher worker results, reduced violations of control, less possibility to stop health states and lower mortality of residents.

Advertisement

The removal of Trump executive ordinance 14026 is capable of reverse these profits for around 390,000 federal contract employees with low remuneration entitled to no less than USD 15 per hour under the regulation. If the Trump administration fully dismantled this principle, the minimum wage for these contractors would probably return to the level set by Obama’s administration in 2014, which was USD 13.30 per hour. Alternatively, if the administration eliminated the next minimum wage for federal contractors, people working in the US and not using a higher minimum wage could decelerate their minimum wage to the current federal minimum of only 7.25 USD per hour.

Trump executive order 14236, “Additional resignations of harmful executive orders and activities”, DirectlY dismissed the executive ordinance 14026. After that, the Department of Work announced that stopping the enforcement of the order from the time of Biden and its implementation rules, initiating steps to officially dismiss 29 CFR Part 23.

Professioners of labor and progressive groups criticized this movement as an attack on the working class, especially when rising maintenance costs are already a major problem. They Argument that disgusting The decision awards the private sector to the governmental agreement freedom to scale back wages of a whole lot of hundreds of employees. Data from Bureau of Labor Statistics (BLS) in 2022 ensure the context of the influence of minimum wage policies. This yr, about 2 percent of black hourly employees earned Federal minimum or less wage.

Disproportionate effect on black employees

Advertisement

It is predicted that the remuneration of the federal contractor minimum remuneration in disproportionate influence on black employees who I discovered historically More fair employment opportunities in the public sector in comparison with the private sector.

The data emphasize that no less than 18.7% of all federal employees are black, their representation is way higher in some states. The participation of a black worker in state and federal employment is the highest in Georgia (43.8%), Louisiana (37.6%), Mississippi (34.8%) and Tennessee (34.6%). Averting a minimum wage in the amount of USD 17.75 for federal contractors in those states where a big a part of the federal workforce is black, can have a very clear negative economic impact on the black community.

Earlier evaluation of the minimum wage in the amount of USD 15 for federal contractors showed that a big percentage of people that would receive wage increases were coloured employees, including many black employees, often at work in the lower remuneration sector under federal agreements. The winning of this pay floor threatens disproportionately with the damage to those employees and potentially expands existing racial differences when it comes to income and wealth.

Trump’s administration claims that its principles give priority to American robots. However, the dismissal of the federal contractor of the minimum wage is according to the model decision that undermines wage standards for people from the working class.

Advertisement

Supporters of the working force claim that this movement is contrary to the claims of supporting American employees, leaving many vulnerable to potential salaries. Existing wage protection pursuant to the Act on the Service Agreement (SCA) and Davis-Bacon ACT (DBA) may not properly compensate for these employees, because their wage levels could also be lower and usually are not all the time usually adapted to inflation.

The repeal also introduces uncertainty for contractors and instability of the affected labor.

It is predicted that Trump’s decision to cancel the executive order raising the minimum wage for federal contractors will cause disproportionate damage to black employees, especially in the United States with a high percentage of black federal employees.

Rolling threatens to scale back wages, reduce financial security and potentially exacerbation of racial economic differences, increasing concerns about the involvement of administration in fair economic possibilities.

Advertisement

(Tagstranslat) minimum wage

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

Business and Finance

Meet the same guys of the Ole line

Published

on

By


Waiting for things or possibilities will be time consuming and annoying; However, if you have got at the least USD 40, you’ll be able to call one of Robert Samuel’s guys themselves, and they’ll do it for you.

Called by a compatriot from New York, the same guys were seen for people for luxurious samples, holes in the restaurant, and recently the Sean “Diddy” Combs housing. With many good hustle and bustle visible on the web, Samuel began his concert in 2013 during the madness of “Cronut” Croissant-Donut, and now he has 45 employees on his letter and charges from USD 25 to 37.50 USD per hour.

While people attempt to give you how To make a fast zlotySamuel says it’s about using what’s around you. “Always watch out for everything around you. When people complain, just put on a thoughts of thinking and check if you have a solution to what they are complaining about,” said the owner of the company

Advertisement

“You would probably shock yourself and be on the edge of the next steps.”

His journey began while working as a business representative at AT & T. After nervously that he intended to miss the commission control with the time of the recent edition of the iPhone 5, he decided to comfort himself by publishing an commercial on Craigslist, offering his services to attend in a queue to get one. Three hours later, Samuel was employed only in order that the customer would inform him that he placed a web-based order when he arrived forward.

Then he sold his place in the queue for $ 100, giving the bulb power in his head – and leaving $ 300 in his pocket. “I said,” Well, what can I do? Wait some time. I did lots of sitting on the pavement, “recalls Samuel. “So I created accounts on social media and regularly began.”

His journey even took him outside the NYC limit. Samuel found himself on the plane to face in a queue for the client at the latest meeting of Berkshire shareholders in Berkshire Hathaway in Omaha, Nebraska, at the starting of May 2025. However, the scene of the courtroom became lucrative for his activities, covering the trials of Bankman, Ghislaine Maxwell, and even President Donald Trump in 2024.

According to members of the Samuel team, they’d to fight women I’m attempting to cut the line To take a take a look at Luigi Mangione, a person accused of killing the general director of Unitedhealthcare Brian Thompson. “It was freezing, women tried to limit,” said Brandon Sutton.

Advertisement

Sutton and two colleagues, Tim and Brian, survived frosty in New York temperatures, because their anonymous customer paid them USD 25 per hour. Regardless of what his clients employ their team, Samuel says that he wouldn’t wish to do the rest, because he can “realize people’s dreams.” “It’s the beauty of bringing joy to people, doing something as simple as waiting in a queue,” said Samuel.

(Tagstransate) Luigi Mangione

This article was originally published on : www.blackenterprise.com
Advertisement
Continue Reading

Business and Finance

Ebonie Ward has an official opening of 550 RMG in Atlanta

Published

on

By

Ebonie Ward, 550 RMG


On May 17, the old fourth branch in Atlanta was buzzing with celebration when the entertainment director and entrepreneur Ebona Ward officially opened the door 550 rmgThe recent headquarters of her company, eleventh & Co. A ten,000 square feet of 10,000 is a return to her hometown and a brave investment in black creativity, cooperation and community.

“To be honest, it really means everything,” Ward said about having a brand new headquarters. “You work so hard to achieve a certain level of success. I have been in the industry for 13 years and I have rented a lot of space. I have worked with many other companies and brands, but have something of my own … I just feel completely different.”

Ward travel in the entertainment industry covers over a decade, including rap stars management comparable to Future, Gunna, DDG and Flo Milli. As one of probably the most influential black women in music, she is understood for connecting her sharp business vertex with deep involvement in community, culture and mentoring.

Advertisement

550 RMG is a brand new house of five black corporations, including eleventh & COCreative Agency Six Degrees, Production Collective Genius Club, Non -Profit initiative and a month on the table and the approaching nine distribution, a brand new distribution company that’s to start out in September 2025.

“It gives me so many opportunities to help many more people,” said Ward. “Especially other black women who are interested in music business, entertainment, television, music, film … allows me to open and support so many other people.”

Ward has an extended history of cooperation with the founders of enterprises positioned at 550 RMG.

“I worked with B. Wright (Brian” Bwrightous “Wright) since 2011, when he was in Morehouse,” she said. “I used to have a Sneaker boutique on Peter Street and sold his shirts. We have been working together for years, and this allows us to support our companies in a more intentional way.”

The recent facility can be an area in which creativity and community coexist. Designed by an interior designer based in Atlanta, Annies Lamantia, 550 RMG features a recording studio, edition and production bay, wardrobe showroom, open kitchen, patio and plenty of conference rooms.

Advertisement

“Studio is a place where magic is created,” Ward said, although she also emphasized the importance of versatility of space. “I really wanted to pull energy from this space. I wanted the versatility of opening up, so that people could cooperate and be common, but also have a space in which people can be focused and have a certain level of privacy.”

The intention for 550 RMG is deeply rooted in service. “This is the point for me – the messenger,” said Ward. Her Non -Profit organization, a spot on the table, recently hosted the third annual dinner on the occasion of HBCU scholarship holders. “I’ve always walked about music, art, philanthropy, fashion and finance. That’s what I call my Big Five. But philanthropy has such a close and expensive place in my heart.”

Ward’s commitment in social care is as comprehensive as its business tip. From events supporting women who’ve experienced losses in the course of the Mother’s Day, to programming breast cancer awareness in October, significant financial investments in scholarships for young black women attending HBCus, her work through the place on the table changes life. “I am a member of Delta Sigma Theta Borority Incorporated, and the service is always the first. But even more so, service with a mission,” she said.

https://www.instagram.com/reel/dios_qkak70/?igsh=mtnyBMPPMXF2Aglmeq===

Advertisement

Building a team of powerful black women can be the predominant part of Ward’s legacy. While Ward is the overall director, owner and company manager, Jenna Tyson, Jenna Tyson, is the marketing director (CMO), Alexandria Kindle has 11thAnd the financial director I CO (CFO), Krishna Lee is EVP Touring & Logistics, and Zita R. Brack is the corporate’s internal legal advisor.

“I’m not without them,” Ward said. “As far as I am celebrated, if I could put them on a pedestal – on every pedestal I am in – they would be right next to me. I saw it and I was looking for many of them who came with me because of how amazing I thought.”

With the launch of nine distributions on the Ward horizon, there’s the inspiration for a more fair music industry. “Independence flourishes,” she said. “You don’t have to be signed now to the main label to succeed, but to be able to run a company, it requires a team. This is what we will be able to do differently – you can enter the incubated system in which everything is already working.”

550 RMG was born in addition to vision. “I wanted a comprehensive store,” she said. “There was no institution or a company where you were able to do everything in one.”

Advertisement

While the obligations to work require an everyday travel department to Los Angeles, a return to Atlanta, to construct 550 RMG, seemed vital. “You must be a change you want in the world,” she said. “If I do not give people work, resources and tools, I do not create opportunities. Black women must see that it is possible.”

(Tagstranslat) ebonie ward

This article was originally published on : www.blackenterprise.com
Advertisement
Continue Reading
Advertisement

OUR NEWSLETTER

Subscribe Us To Receive Our Latest News Directly In Your Inbox!

We don’t spam! Read our privacy policy for more info.

Trending