Corporate power keeps wages 20% down: White House

Mar 09, 2022
341 views
0 comments
Share
Whistleblowing

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

341 views
0 comments

Tags In

Job Prospects

Previous days news

Mar 7 Mar 6 Mar 4 Mar 2 Feb 28

Best tech jobs in the United States : BLS data

Sep 06, 2022
926 views
0 comments
Background Checks

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

Sep 06, 2022
732 views
0 comments
Background Checks

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

Aug 17, 2022
975 views
0 comments
Background Checks

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

Aug 17, 2022
711 views
0 comments
Background Checks

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

Aug 10, 2022
1045 views
0 comments
Background Checks

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

Corporate power keeps wages 20% down: White House

Corporate power keeps wages 20% down: White House

Tags In

Others news

Category

Tags

Articles