Latest news with #minimumwage
Daily Mail
6 hours ago
- Politics
- Daily Mail
Ex-Giants player attacks Democrat Minneapolis mayor candidate compared to Zohran Mamdani
Former New York Giants player Carter Coughlin has launched a savage attack on the Democratic party 's Omar Fateh, who is running for mayor in Minneapolis. Coughlin grew up in Minnesota and played for the Golden Gophers, based in Minneapolis, during his college football years. Coughlin said Fateh's policies of rent control and raising minimum wage would set Minneapolis back years in an impassioned message on Sunday. He also debated Fateh's credibility to become mayor with his followers. 'In a city that has endured unimaginable destruction and racial tension, these policies would set Minneapolis back another 10 steps,' Coughlin wrote. 'MPLS (Minneapolis) needs rebuilding, and this will do the opposite. Pray for wisdom.' In his replies, the 28-year-old Coughlin clashed mostly with people who supported Fateh's rent control policy. 'I'd encourage you to take time to look into what rent control does to city development years down the road,' he wrote back to one follower. 'No one wants to build, to grow, to improve because the economics don't work. Subsidize low income housing and provide tax funding for those specific developments.' In a different response, Coughlin said: 'Designated low income housing by definition is rent controlled, which is great. 'Applying rent control to the entire city gridlocks all development. The city deteriorates. These policies only 'fix' the symptoms, not the actual problems.' His comments come after Fateh received an endorsement from the Democratic Farmer-Labor party. The Somali-born Fateh, 35, became the first Somali-American to be voted into the Minnesota Senate in 2020 and his policies have seen him draw comparisons to Zohran Mamdani, the 2025 Democratic nominee for the mayor of New York. After his college days with the Gophers, Coughlin was picked in the seventh round of the 2020 NFL Draft by the Giants. In his first season, he recorded his career sack on none other than Tom Brady. He went on to play 55 regular season games from the Giants from 2020 until 2023 but last year, was on the practice squad.
BBC News
a day ago
- Business
- BBC News
Cost of living: Council pauses bid for living wage recognition
An Oxfordshire council has "paused" its bid to be accredited as an employer that pays the real living councillors on Vale of White Horse District Council pushed for the move back in 2023, after it was revealed some council contractors were paying the lower minimum the Lib Dem-controlled authority said it had undertaken a "consideration of workload" following the government's announcement that local government would be said that it would be "for the new council to set its own direction on HR matters such as pay". The Living Wage Foundation puts the real living wage at £12.60 per hour outside London - above the National Minimum Wage of £ says that more than 16,000 employers have been given an accreditation for paying the higher Vale of White Horse District Council said getting that accreditation involved contacting all the authority's third-party suppliers and contractors to seek their commitment to pay the living said that was a "time-consuming and resource intensive process".Green councillor Katherine Foxhall said the decision to pause work towards accreditation was said: "We still really think that it's vital that as major employers within the county, that councils really lead by example."Particularly in the context of local government reform, what we're trying to get our leaders to do is to set the tone and the priorities of whichever authority that follows."It's really vital that we say these are the things that are important to us, these are our priorities."Paying people fairly is a crucial aspect of council services."Under plans for local government reorganisation, district councils in Oxfordshire will cease to exist in 2028, and the county's two tier system will be replaced with unitary authorities. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
Daily Mail
3 days ago
- Business
- Daily Mail
It's not working! Now jobless rate hits four-year high under Labour
Unemployment has surged to a four-year high as Labour's 'triple whammy' of minimum wage hikes, tax rises and workers' rights rules hit employers. Joblessness rose to 4.7 per cent in the three months to May, the highest since June 2021, according to the Office for National Statistics. The number of workers on UK payrolls has fallen for five months in a row, and sank by 41,000 in June alone, the biggest monthly fall since Covid. Overall, the total has dropped by 178,000 since Labour came to power while pay growth is now at a three-year low, the ONS also revealed. It said the jobs market 'continues to weaken' and that 'some firms may not be recruiting new workers or replacing workers who have left'. Bosses from Ocado and Frasers yesterday became the latest to warn against imposing further taxes that will inflict more damage. It comes after Chancellor Rachel Reeves launched a £25billion raid on employer national insurance in last autumn's Budget – which took effect in April. Alongside a sharp rise in the minimum wage and plans to impose a raft of new workers' rights, it is making it more expensive to take on staff. Business groups blamed ministers for implementing policies dreamed up by 'misguided wishful thinkers'. 'Today's disturbing figures add to a weight of evidence that if you make it more expensive and riskier to give someone a job, the result will be fewer jobs,' said Tina McKenzie, of the Federation of Small Businesses. And Kallum Pickering, chief economist at broker Peel Hunt, said the jobs bloodbath was 'the consequences of a predictable error', adding: 'With each month, the negative impact of the Government's triple whammy of anti-employment policy measures... becomes clearer and clearer.' The job figures represent another black mark against the Government's record a year after it took office, with recent figures showing the economy is shrinking and warnings that Britain's debt is becoming unsustainable. Yesterday, there were further warnings of worse to come if – as feared – Ms Reeves launches a fresh tax raid on business in her next Budget this autumn as she looks to fill a multi- billion hole in the public finances. Ocado boss Tim Steiner said 'any tax increases will not be favourable to the economy or business'. And Chris Wootton, finance chief of retail group Frasers, warned of 'dark new clouds' over this autumn's Budget. Yesterday's ONS figures sketched out a grim picture of how hard-hit parts of the economy were suffering in Keir Starmer's Britain. Jobs in the hotel and restaurant sector were down by 108,000 over the past year, while tens of thousands more disappeared in retail and manufacturing. Kate Nicholls, of trade association UK Hospitality, said: 'These devastating job losses are a direct consequence of policy decisions at last year's Budget, which have disproportionately hit the hospitality sector.' Dee Corsi, at trade association High Streets UK, said the figures are a 'reminder that the growing cost of doing business has a tangible impact on the prospects of working people'. Among the few winners were public sector-dominated areas such as health and social work, with an increase of 67,000 workers since Labour took power. But Britain's sicknote crisis continues, with 2.8million on long-term leave. Annual wage growth of 5 per cent is the slowest since 2022. And accounting for inflation, real-terms growth was 1.8 per cent – down from 3.3 per cent shortly before Labour came to power. Alex Hall-Chen, at the Institute of Directors (IoD), said the slump in demand for labour is the 'result of a series of policy blows to the case for hiring staff'. IoD research shows more business chiefs plan to cut staff headcount in the next year than increase it, she said, adding: 'This situation is unlikely to improve any time soon.'
Yahoo
4 days ago
- Business
- Yahoo
How To Become a Millionaire While Working at McDonald's
Working at McDonald's has long been considered an entry-level job with low pay. The idea of a McDonald's employee building up a retirement fund of $1 million may seem far-fetched, but it just might be possible. Find Out: Read Next: In July 2024, McDonald's released a statement that all hourly employees earn more than the minimum wage, but it didn't clarify the exact amount. To determine what it would take to retire with $1 million from working at McDonald's, using the minimum wage as a guide is a safe approach. In 2025, the federal minimum wage is $7.25 per hour, which means states with no minimum wage law, like Alabama, Mississippi and South Carolina, must pay workers at least that amount. States like California and New York have very high minimum wages, ranging from $15.50 to $16.50, to match their high costs of living. This experiment will show how someone making the federal minimum wage could potentially have $1 million when they retire at 65. How Can You Become a Millionaire on Minimum Wage? If you have a job that pays $7.25 per hour, your annual salary would be $15,080, assuming you work 40 hours a week. If you didn't spend a dime and saved your entire salary, it would take you over 66 years to accumulate $1 million. However, it's not impossible to become a millionaire because of compound interest. Compound interest is the interest received from both the initial principal and the interest previously earned on it. For example, if you invest $100 and earn 7% interest over a year, you'll earn $7 and end up with $107 at the end of the year. If you leave your investment as is, you'll then earn 7% interest on $107, which is your initial investment and what you earned in interest. For your second year, you'll earn $7.49, and you'll enter your third year with $114.49. This might seem like a small amount, but the longer your investment earns interest, the larger the amount you receive each year. Putting money into a Roth individual retirement account after receiving a paycheck allows you to grow your money over time without paying capital gains tax on your profits. Assuming you earn a consistent 7% annual interest with a 3% rate of inflation, you can retire with $1 million if you begin investing $250 a month, or $3,000 annually, between the ages of 18 and 65. Your investment would break down like this: 19 years old: Interest – $112.57, Total – $3,112.57 25 years old: Interest – $1,671.13, Total – $26,936.38 35 years old: Interest – $6,188.83, Total – $95,992.47 45 years old: Interest – $15,075.82, Total – $231,836.43 55 years old: Interest – $30,231.65, Total – $499,062.07 65 years old: Interest – $66,947.71, Total – $1,024,735.36 Learn More: Can Your Mindset Make You Rich? Investing $250 a month while working a minimum-wage job would be extremely challenging, amounting to almost 20% of your pretax salary. However, it's also unlikely that someone who starts a minimum wage job at the age of 18 would continue to work in the same role without a salary increase for the following 47 years. Financial psychologist Brad Klontz believes that when it comes to wealth, it's all in our heads. Instead of focusing on money itself and how much you have now, taking a broader approach and planning for the future can make you wealthy no matter what you earn. While putting 20% of your income toward retirement may be unrealistic, adopting a rich mindset and investing even a small amount in your future early on will put you in a significantly better financial position. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on How To Become a Millionaire While Working at McDonald's 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Bloomberg
4 days ago
- Business
- Bloomberg
UK Firms Cut Jobs, Wage Growth Slows in Cooling Labor Market
Britain's economy lost jobs again in June as the Labour government faces growing criticism for lifting the minimum wage and imposing a £26 billion ($35 billion) payroll tax hike on companies. Tax data showed the number of employees on payrolls dropped by 41,000 in June, the Office for National Statistics said on Thursday. It was worse than the 35,000 fall expected by economists surveyed by Bloomberg. The decline in May was revised to 25,000 from 109,000.
