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Yahoo
19 hours ago
- Business
- Yahoo
5 Top Ways Your Paycheck Will Change If the Supreme Court Allows Mass Layoffs
In recent news, it was announced that the Trump Administration's mass layoff plan — also called a 'reduction in force' plan — has once again moved to the Supreme Court for final approval. If it passes, 22 government departments could be affected as thousands of federal employees would be let go from their jobs. Read Next: Find Out: If the Supreme Court allows this mass layoff, it could have a ripple effect across both federal and non-federal employees. Here's how experts think it might impact workers in the U.S. — and potentially your paycheck. Recent changes have already impacted employees across the board. For federal workers, there's a significant increase of those being forced to leave the workforce without severance pay. 'While, initially, many of the federal workers cut from the workforce accepted a voluntary incentive to leave the ranks earlier than they might otherwise have left, there are thousands more who were simply severed without compensation,' said Eric Steffy, Founder and CEO at Federal Solutions Support. Steffy added that many of those who were severed without pay were employees who were still on probation and contract workers. That said, many of those severed are still eligible for state unemployment benefits as they seek new opportunities in the private sector. Mass layoffs in the federal government could have implications regarding job stability and workplace confidence. 'Even for non-federal workers, substantial cuts in the federal workforce can create impacts on job stability, local economic systems, and public confidence,' said Eric Kingsley, Partner at Kingsley Szamet Employment Lawyers. 'It is possible that we can witness shrinking consumer spending, increased competition for available jobs, and a general sense of insecurity pervading the job market.' Increased competition could also lead to more skilled workers vying for jobs with a lower starting salary. This is especially plausible as more federal workers seek private sector opportunities. The average federal worker earns $106,382 annually. However, federal workers often get paid less than their private sector counterparts. As per The Federal News Network, there's a 24.72% wage gap between federal and private sector workers who have jobs where they perform similar duties. Given this, federal employees who get laid off and need to make the switch could see a pay increase. Just because many people would be laid off doesn't mean everybody would be. After all, someone still needs to perform the tasks at hand. But even here, there could be the downside of heavier workloads and more responsibilities for those who remain. Some experts believe this could also lead to longer hours, potentially without overtime pay — that's more work. 'Salaried employees, who are not eligible for overtime pay, may be expected to work longer hours without additional compensation,' said George Carrillo, former Director of Social Determinants of Health for Oregon and current Co-founder & Chief Executive Officer at Hispanic Construction Council. 'Hourly workers typically won't see a pay increase either, since government compensation is fixed within existing budget agreements and union contracts.' Another potential impact is that on small businesses — both the owners and the employees. As Steffy pointed out, many small businesses work in part based on federal grants and contracts. This has led to some businesses shutting down permanently, while others have laid off some of their employees as a result of canceled contracts. 'This has been painful not only for those business owners who must now weigh whether their work can go forward, but for severed employees now without a paycheck and those downstream who benefited from their services,' Steffy said. Mass layoffs on any level are stressful, but they're not the end of the world. 'One thing is certain, the marketplace will continue to evolve. Federal and non-federal jobs will come and go but the skillset, mindset, and lifetime experience that you bring to the table are needed in multiple venues,' said Steffy. If you're stressing about your livelihood, take a moment to calm down. It might help to talk to someone you trust and to make a plan — just in case. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 5 Top Ways Your Paycheck Will Change If the Supreme Court Allows Mass Layoffs
Yahoo
10-05-2025
- Business
- Yahoo
7 Jobs That Will Be in Demand During Trump's Trade War
Are you wondering how new tariffs might impact your career and financial future? Many Americans are wondering the same thing: Which job sectors are likely to be hit hard by tariffs, and which will stay relatively safe? On April 2, or 'Liberation Day,' President Trump announced a 10% tariff on all countries along with potentially higher tariffs on some nations. Since then, his tariff policy has evolved to include some delays, exceptions and changes to the original announcement. It's a good idea to stay up to date on how tariff policies may affect your job in the months to come. Check Out: Read Next: Experts say that job sectors like manufacturing, warehousing and transportation may struggle soon. Many manufacturers import raw goods and materials, making them vulnerable to rising costs caused by the new tariffs. The construction sector will probably also be impacted for the same reason. Warehousing and transportation companies are part of the supply chain, so they will be hurt if tariffs cause snarls and slowdowns. The retail sector will also suffer if the costs of imported goods rise and consumer spending decreases. Learn More: Of course, no career is completely future-proof, but experts say certain jobs are probably safer than others. Jobs in healthcare are relatively safe from the impact of tariffs. In fact, healthcare is seeing a boom because the aging population requires more medical care. Hospitality includes everything from hotels and resorts to restaurants and cafes. This sector is relatively safe from the impact of tariffs, according to experts. The average physician earns $363,000 annually. Primary care doctors earn $277,000 per year on average. Specialists average $394,000 annually. Becoming a doctor takes between 11 and 16 years of education, depending on your specialty. Nurses earn an average of $89,010 annually. Salaries reach as high as $120,000 depending on location and specialty. It takes two to four years of education to become a nurse, with some specialties requiring more schooling. Medical assistants earn an average of $44,200 annually in the United States, with salaries varying based on location. Medical assistants can often start working once they earn their high school diplomas and then earn a certificate on the job. Hotel managers earn an average of $90,500 per year. Managers at luxury hotels can earn as much as $110,178. Some hotel managers start their careers straight out of high school, learning on the job. Others earn degrees in hotel management at either a two- or four-year college. The average chef earns $51,225 a year, with the salary varying depending on location, experience and skill. Chefs typically learn on the job, and many start working in entry-level jobs after high school. Some chefs earn degrees in culinary schools, which allows them to start working at a higher level. The average salary for a prep cook is $38,866. Prep cooks must have at least a high school diploma in most cases. Earning a degree from a culinary school helps qualify people for more high-end jobs as prep cooks. The average salary for a server is $49,323, but this can vary widely depending on location, experience and customers. No formal education is required to become a server, although more experienced servers tend to be higher earners. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines Sources USA Today, 'April jobs report preview: As Trump tariffs start, see sectors that are and aren't hiring.' This article originally appeared on 7 Jobs That Will Be in Demand During Trump's Trade War
