Latest news with #workers
Wall Street Journal
6 hours ago
- Business
- Wall Street Journal
Here's What a Late-Career Layoff Looks Like in America, in 5 Charts
Getting laid off is challenging. Getting laid off later in life is especially so. People in their 50s often have mortgages, college bills and other significant financial responsibilities. And those who lose their jobs can find it harder to get new ones that match their old paychecks.
The Independent
14 hours ago
- Business
- The Independent
Fire at Iran's largest oil refinery kills 1 in the country's southwest
A fire at Iran's oldest and largest refinery in the southwest killed one person, state media reported Sunday. A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday, killing a worker, according to the state-owned IRAN newspaper. Firefighters put out the blaze in two hours and operations remained unaffected, the report said. Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday that some workers were also injured, media outlets said. Abadan oil refinery, some 670 kilometers (nearly 416 miles) from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25% of the country's fuel with more than 5,200,000 barrels of oil refined daily. Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame. Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales.
Yahoo
2 days ago
- Business
- Yahoo
Social Security: The 1 Thing Every Worker Today Needs to Know
Key Points Social Security is a lifeline for millions of retirees today. If you're still working, you should know that the program is not going to disappear, and that benefit cuts may even be preventable. There's another important aspect of Social Security all workers should keep in mind. The $23,760 Social Security bonus most retirees completely overlook › If you're a member of the workforce today, you may not be intimately familiar with Social Security if you're not in a place where you're gearing up to claim benefits. Still, you may be aware of a few key things. You probably know that Social Security is an important income source for millions of retired Americans today. And you've probably at least heard rumors about Social Security's potential demise. To set the record straight on Social Security, let's start by clearing up what's happening with the program's finances. Social Security is in a situation where, in the coming years, it expects to owe more in benefits than it collects in revenue. The program can use its trust funds to bridge that gap -- but only for so long. The latest update on Social Security's combined trust funds is that they're expected to be depleted in 2034. At that point, the program could face extensive cuts. To be clear, though, Social Security is not at risk of completely disappearing. And while benefit cuts are certainly possible, lawmakers have never allowed them to happen in the past. As such, the situation may be salvageable this time around, too. However, there's another important thing about Social Security every working person needs to know today. And not having this essential information could cause problems once your retirement rolls around. Know what to really expect from Social Security Social Security may not end up having to cut benefits, which is really great news. But that doesn't mean those benefits will replace your preretirement paycheck in full. It's a big misconception that once you retire, Social Security will pay you a monthly benefit equal to an amount you're used to earning. In reality, Social Security might only replace about 40% of your preretirement earnings -- and that's assuming you collect a pretty typical paycheck. If you're a higher earner, Social Security might replace an even smaller percentage of your wages. Now, you may be thinking, "But don't many people retire on Social Security alone?" And the answer is yes, they do. A lot of people also smoke cigarettes, but that doesn't make it a healthy habit. The reality is that you can expect your expenses to decline in retirement to some degree. You might have a paid-off home by then, and your transportation costs might shrink if you're not commuting to work. But for the most part, you should not expect to be able to live comfortably on 40% of your preretirement wages. Getting by on 60% to 70% of your former paycheck may be doable if you're able to shed some costs. It depends on what you want retirement to look like. Retiring on just Social Security, however, is not a great idea. And the sooner you recognize that, the more you can avoid that scenario. A little bit of savings can go a long way By now, you're hopefully convinced that it's important to save for retirement on your own, rather than just rely on Social Security to cover your future expenses. But if saving money were such an easy thing, more people would probably do it. So, let's not beat around the bush: Finding the money for long-term savings isn't always easy. However, you may not need to save as much as you'd think to amass a significant nest egg. If you give your money a lot of time to grow and invest it wisely, you may be able to get away with saving a fairly small amount each month. Say you start saving for retirement at 30 and end your career at 67. If you contribute $100 a month to an IRA or 401(k) plan that generates a yearly 8% return, which is a bit under the stock market's average, then you could be looking at a nest egg worth about $244,000 at the start of retirement. Make it $150 a month, and your balance rises to $365,000, all other things being equal. Of course, if your goal is to really not end up dependent on Social Security at all, you'll need more savings than that. The point, though, is that retiring on Social Security alone is unlikely to work out well for you -- even if benefit cuts do not come to be. So having supplemental income is crucial. The sooner you recognize that, the sooner you can begin saving and investing to pave the way to a more comfortable retirement. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Social Security: The 1 Thing Every Worker Today Needs to Know was originally published by The Motley Fool
Yahoo
2 days ago
- Business
- Yahoo
No holiday for 42 million EU workers: Where is holiday the most unaffordable in Europe?
In 2023, 15% of employed people in the EU were unable to afford a one-week holiday away from home. While this percentage might not appear very high at first glance, it represents around 42 million workers. In each of the EU's "Big Four" economies (Germany, France, Spain and Italy), over 5 million workers were unable to afford a week-long holiday according to Eurostat data published by the European Trade Union Confederation (ETUC). 'Taking a break with family or friends is important for our physical and mental health, and it is a basic part of the European social contract,' said ETUC General Secretary Esther Lynch, criticising the situation. Holiday poverty among workers continues to rise Holiday poverty among workers is on the rise across the EU, marking the third consecutive annual increase. In 2022, 40.5 million employed people reported being unable to afford a one-week holiday away from home. That number rose to 41.5 million in 2023—an increase of over one million workers in just a year. The share of affected workers grew from 14% to 15%. 'The findings are the result of an increasingly unequal economy, in which workers are forced to give up their holidays due to rising costs for accommodation, transport and food, combined with declining purchasing power and speculation', the ETUC stated. Related The cost of love: Europe's most expensive and cheapest cities for a date Cost of living: Which are the cheapest and most expensive countries in Europe? East-West gap in holiday affordability for workers The data reveals a strong disparity in holiday affordability across the EU, particularly between Eastern/Southern Europe and Western/Northern Europe. Romania tops the list, with 32% of workers unable to afford a one-week holiday. Close behind are Hungary (26%), Bulgaria (24%), Portugal and Cyprus (both 23%), and Slovakia (22%). The Nordic countries—Finland, Sweden and Denmark—along with the Netherlands, Luxembourg, and Slovenia, report the lowest levels of holiday poverty, ranging between 5% and 7%. Czechia, Austria, and Belgium reported holiday poverty rates at or below 10%. Despite their economic weight, even the EU's largest economies report concerning levels of holiday poverty. Among the EU's Big Four, Spain (18%) and Italy (17%) exceed the EU average of 15%. France (12%) and Germany (11%) fall below the average, but both still remain above 10%. EU's Big Four: Over 5 million workers in each country can't afford a holiday Absolute figures speak louder than percentages. Over 5 million workers in each of the EU's Big Four were unable to afford a holiday in 2023. In Italy, the number stood at 6.2 million, followed by 5.8 million in Germany, 5.6 million in Spain, and 5.1 million in France. Over 3.5 million workers in Romania and Poland also couldn't afford a holiday. This figure was more than 1.5 million in Hungary and Portugal. In Austria and the Netherlands, over 550,000 workers couldn't afford even a one-week holiday despite being employed or having a business. 'After working hard all year, it is the least working people should be able to expect to afford and should not be allowed to become a luxury for the few,' Lynch said. 'However, these figures show that Europe has a quality jobs emergency and that our social contract is continuing to crumble as the result of growing economic inequality.' Related Where in Europe are workers losing ground as taxes rise faster than wages? Which career in Europe will reward you with the highest salary? Is holiday poverty linked to income? There is a moderately strong negative correlation between the share of workers who cannot afford a one-week holiday away from home and annual net earnings. This means that as net earnings increase, the proportion of workers unable to afford such a holiday tends to decrease. However, since the correlation is moderate, it also indicates that in some countries, this relationship is not strong or does not follow the overall trend as closely. For example, Ireland (€43,897) had one of the highest annual net earnings in the EU in 2023, yet holiday poverty remains comparatively high. In contrast, Slovenia has a low level of holiday poverty among workers, even though the incomes are similar to countries where more people struggle to afford a holiday. Strong correlation between workers and general population By comparing workers (aged 15-64) and the general population aged 16 and over, Euronews Business found a strong correlation: the higher the rate of workers who cannot afford a holiday, the higher it tends to be in the overall population. In 2023, among the general population, the share of people unable to afford a one-week holiday ranged from 11% in Luxembourg to 60% in Romania, while the EU average stood at 29%. This suggests that the rate among the general population is nearly double that of workers. Experts speaking to Euronews Business had noted that differences between countries are largely tied to the strength of their economies. The level of disposable income plays a key role, as it directly affects people's ability to spend on holidays—particularly when looking at figures for the general population. The ETUC calls on national governments to fully implement the Minimum Wage Directive and urges the European Commission to ensure that the Quality Job Package due this year includes legislation to rebalance the economy—making respect for collective bargaining a condition for access to public contracts.
CBC
2 days ago
- Business
- CBC
Northern mining industry takes a hit as lab-grown diamond popularity surges
Hundreds of people are being laid off at a diamond mine in the Northwest Territories as production halts, signaling a shifting industry. Lab-grown diamonds are surging in popularity, offering a similar sparkle for a fraction of the price.
