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Goldman Sachs’ plan to pay a $30 million one-time bonus to Chief Executive David Solomon and a $20 million bonus to Chief Operating Officer John Waldron is “excessive,” proxy adviser Glass Lewis argued Friday.
The shareholder advisory firm told Goldman shareholders they should vote against the executive pay package that contains the one-time gift bonuses. READ MORE
The Internal Revenue Service (IRS) is proposing rule changes to Section 403(b) retirement plans that might change required minimum distributions (RMD), how to start accessing the funds, and the accounting methods for plan administrators. The adjustments are due to changes in various laws updated in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Among the adjustments made by sections of the SECURE Act apply to an employee who dies on or after Jan. 1, 2020, with a later effective date for certain collectively bargained plans or governmental plans. READ MORE
Employers have written a letter of opposition to the New York City Council expressing support for a newly introduced bill that would create loopholes to the soon to be enacted “salary range law.” READ MORE
After protests, U.C.L.A. took down a job posting that offered no pay. But it turns out colleges often expect Ph.D.s to work for free. READ MORE
An investor is asking other investors to help him oust the Genworth Financial directors who serve on the Genworth board compensation committee.
Scott Klarquist — the president, CEO and chief investment officer at Seven Corners Capital Management — announced the effort in an open letter to Genworth shareholders that was filed Wednesday with the SEC. READ MORE
You’ve probably read a lot about rising wages.
In the 12 months through March, average hourly earnings soared 5.6% for American workers.
Things are going especially well for chief executives. READ MORE
Nearly 1,100 of Activision Blizzard's U.S.-based temporary and contingent quality assurance (QA) workers who test the company's video games will be given full-time status starting July 1. The move will increase Activision Publishing's total full-time staff by 25%. READ MORE
Walmart is raising pay for long-haul truck drivers, a taxing job that is increasingly difficult for companies to fill.
Walmart (WMT), one of the few retail chains that runs its own trucking fleet, said it's raising the average starting salary for first-year drivers from around $88,000 to a range of $95,000 to $110,000. READ MORE
Members of the non-profit Association of BellTel Retirees, Inc. have proposed shareholder proxies this year to strengthen the clawback policy and limit executive golden parachutes at Verizon (NYSE:VZ). The annual shareowners meeting will be held on May 12, 2022, in Irving, Texas. READ MORE
On March 30, 2022, Washington Governor Inslee signed into law a bill that will require employers to include a salary or pay range, as well as information about other compensation and benefits, in each job posting. The bill revises the existing state law that requires only that employers provide the minimum wage or salary for a position to an applicant after an offer of employment has been made. The new law takes effect on January 1, 2023. READ MORE
On Thursday, Federal Reserve Chairman Jerome Powell revealed that inflation reached a new 40-year peak in February, buoyed by supply problems and strong consumer demand in the United States.
Powell’s revelation that the personal-consumption-expenditure (PCE) price index climbed 6.4% in February from a year ago further stokes ongoing speculation around the economy and what it means for employee wages, which have mostly grown alongside inflation. READ MORE
Amazon. com Inc. Chief Executive Andy Jassy received compensation valued at $212.7 million in 2021, his first year as head of the tech and e-commerce giant.
The majority of his compensation was in stock awards to the tune of $211.9 million. READ MORE
Several states are taking steps to dramatically reduce unemployment benefits for out-of-work Americans in an attempt to force people to fill thousands of open jobs. READ MORE
To combat a tight job market and a seemingly shrinking workforce, employers are looking for creative ways to retain and attract talent. An Earned Wage Access policy – a revolutionary employee benefit program that offers employees almost instant access to their pay – might just be what gives companies the edge. READ MORE
As it turns out, going to business school may not be all that good for business.
A new study from the National Bureau of Economic Research released March 28 revealed that managers with a business degree are not significantly better at running a company than those without one. They were, however, less prone to raise wages. READ MORE
Though nationally women still earn 82 cents for every dollar a man makes, new data indicates younger women are now making strides in closing the gender wage gap in select cities across the country.
Pew Research published an analysis of Census Bureau data that found the gender wage gap is narrower among younger workers nationally and that the gap varies across geographical areas. In 22 of 250 U.S. metropolitan areas, women under the age of 30 earn the same amount as or more than their male counterparts. READ MORE
The economy is expected to have added nearly a half million jobs in March and wage gains also likely picked up at a hotter pace.
Economists expect 490,000 payrolls were added, down from 678,000 in February, according to Dow Jones. The employment report, released at 8:30 a.m. ET Friday, is also expected to show the unemployment rate dipped to 3.7%, from 3.8% READ MORE
President Joe Biden has proposed a new tax on the ultra-wealthy as part of his 2023 federal budget, aiming to reduce the deficit by about $360 billion.
Some experts say it’s unlikely to gain traction in Congress. READ MORE
Those of us old enough to remember the financial meltdown of 2008 might also recall the final, disgraceful chapter of it. It wasn’t just that 9 million people lost their jobs; it was that the financial institutions that had traded all those securities based on subprime mortgages—and then been bailed out by the federal government—proceeded to dole out $20 billion in bonuses to their senior executives.
“That is the height of irresponsibility,” President Obama said early in 2009 in a rare moment of public choler. “It is shameful.” READ MORE
The 2021 proxy season was dominated by COVID-19. Close to half of Standard & Poor (S&P) 500 companies took some type of COVID-19-related action in 2020, including base salary reductions, modifications to incentive plan targets, and the grant of special awards.
Despite the significant upheaval in compensation, financial results, and stock price performance during 2020, shareholders supported 97.3% of Say on Pay votes among Russell 3000 companies through November 30, 2021, with strong average support of 92.2%. Sixty-two companies—or 2.7%—failed Say on Pay, including some large, “name-brand” companies. The reasons for these high-profile failures can be primarily attributed to several factors including the use of positive discretion in determining annual incentive payouts, modifications to in-flight long-term incentive (LTI) awards, grants of “out-sized” stock awards without a compelling rationale, and a disconnect between pay and performance. READ MORE