HelpWanted.com

Corporate power keeps wages 20% down: White House

Corporate power keeps wages 20% down: White House
With the inflation rate at a 4-decade high, a US government report shows that corporate America has used its power in the labor market to keep wages 20% lower than they should be, the White House said on Monday. The report was prepared by the Treasury Department with help from the Justice Department, Labor Department and Federal Trade Commission. 

They found that companies had the upper hand in setting wages because they generally knew more about the labor market than the workers do. Further, workers may not be able to move or afford an extended job search in order to find better-paying jobs. The report says, "These conditions can enable firms to exert market power, and consequently offer lower wages and worse working conditions, even in labor markets that are not highly concentrated."

Janet Yellen, US Treasury Secretary told a White House forum highlighting the report that the workers are often at a disadvantage due to the required non-compete or non-disclosure agreements, collusion between employers to keep wages low; or a lack of transparency that keeps workers unaware of prevailing wage rates. She says, "Ultimately these conditions cumulatively yield an uneven market where employers have more leverage than workers."

Source: Reuters 
Tags In
Job Prospects

Previous days news

Mar 7 Mar 6 Mar 4 Mar 2 Feb 28

You might also like

Best tech jobs in the United States : BLS data

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Others news
Category
Tags
Unorganised Workers In India Corporate Startups In India Digital Nomad Edtech Job Skills Advocate Jobs UPSC Unicorns EV Bangladesh Jobs In Railways Internship Ecosystem Developer Jalandhar Lok Sabha Medical Professionals DMK Burnout Regional Lang Workforce Unemployment Rate I Experience Better Pay ESS IBPS Bengaluru Unemployment Rate Kolkata Assistants Hiring Work Stress Assam EPFO E-Shram Portal Data Visualisation Jobs Jobs In BHEL Quarterly Employment Survey NRAI Career Development Madhya Pradesh Job Fairs Pune Jobs Banglore Logistics Jobs Atmanirbhar Bharat Labour Demand Union Govt Wage Subsidy Firemen Jobs ML Indian Navy
Articles

Tips to Write Job Descriptions That Will Attract the Best Candidates

Just as the candidates need the right jobs to secure their future, the companies also need the righ ...Read more

With Manufacturing Jobs Returning to America, What Does It Mean for Manufacturing Job Seekers?

Reshoring is on its way for the US, due to the ongoing COVID-19 crisis, especially for the tech man ...Read more

With Remote Working Being the New Norm, How to Hire the Best remote Workers

Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...Read more

Why Work With Staffing Agencies To Hire Your Temporary Workers

Recruitment is getting more challenging day by day. Layers of complexities have emerged with the pa ...Read more