Raising federal minimum wage amid coronavirus will be a ‘disaster’ for US business

Former CKE Restaurants CEO Andy Puzder believes that raising the federal minimum wage to $15 an hour would be disastrous for businesses, especially those suffering amid the coronavirus pandemic.

“Increasing labor costs for these businesses will be a disaster,” he said on FOX Business' “Varney and Co.” “Can you imagine what this $15 minimum wage would do at a time when we're seeing tens of thousands of small businesses close?” READ MORE

Director Pay Remains a Prime Target of the Plaintiffs’ Bar

There are many benefits to being a corporate director, both professionally and financially. But there are many challenges as well, including the prospect of stockholder litigation. These benefits and challenges sometimes intersect—as in the area of non-employee director compensation. For although directors typically have the authority to determine their own compensation, what could be considered the self-dealing nature of that determination can expose them to claims that they breached their fiduciary duties in the process. READ MORE

The Last Corporate Taboo Is Ready To Be Broken, It's Time Companies Share Salaries And Total Compensation

When I was a kid, in social settings, my dad would ask people what they do for a living. He’d then innocently inquire, “How much does a job like that pay?” The recipient of the question and everyone within earshot would cringe. I was used to it, and 20-plus years later I’m asking the same questions to people as a recruiter.

He wasn’t being an insensitive, rude jerk. My father was a school teacher in Brooklyn and later went into administration. He always felt that he was in the wrong profession as it paid substantially less than what peers earned in the private sector. He was curious about just how much less he earned and what other types of careers paid. READ MORE

Is demanding a salary raise advisable during the pandemic?

Seeking a raise can be an intimidating task, especially during the pandemic, when the entire world faces a massive economic downturn and crisis. The pandemic not only saw COVID-19 destroying the lives of people but a vast number of layoffs and shutdowns of corporations.

However, if you are expecting a raise or feel underpaid at this challenging time, you might want to ask your boss about the forthcoming raise. Or is it not a good time? Your condition and concerns are understandable. However, despite the bad news, there is also a silver lining when there is a substantial growth of new jobs, raises, and promotions. As such, getting a raise during the pandemic is not entirely impossible. You need to figure out the ways to seek the raise in these turmoil times. READ MORE

Minimum Wages Increase in 25 States in 2021

According to a study by Wolters Kluwer Legal & Regulatory 25 states will raise their minimum wage in 2021, with 21 of those states enacting the increases on New Year’s day.

By the beginning of the New Year, New York and Oregon, which both have regional minimum wage rates, will see the highest wages reaching $15.00 in New York City and $14.00 in the Portland Metro Area effective July 1, 2021. READ MORE

Bolstering ESG in the proxy

At Nasdaq, the proxy statement is produced internally by a cross-functional working group whose members all have additional jobs to do. This team includes representatives from investor relations, internal audit, legal, the corporate secretary and the design team.

It’s all the more impressive, then, that Nasdaq’s 2020 proxy statement has been judged 'best in class'. Erika Moore, Nasdaq’s assistant general counsel, says it takes the working group about six months to complete the proxy statement each year. READ MORE

IRS Finalizes Regulations under Section 162(m)

The Tax Cuts and Jobs Act (the "Act")--signed into law in December 2017--made several substantial changes to Section 162(m) of the Internal Revenue Code ("Section 162(m)"), which limits a publicly traded corporation's business expense deductions for the compensation paid to its "covered employees."1 The Internal Revenue Service published proposed regulations (the "Proposed Regulations") regarding revised Section 162(m) on December 20, 2019, and released final regulations (the "Final Regulations") on December 18, 2020. READ MORE

How Will Compensation Programs Shift In 2021?

We can all agree that 2020 brought a seismic shift to virtually all aspects of our lives, from health and safety concerns to uncertain economic futures for individuals and organizations alike.

As we try to put this difficult year behind us and forge into 2021, it is imperative that corporate leaders focus on an economic recovery that benefits all levels of employees and has a focus beyond simply profits. READ MORE