University President Takes Salary Cut to Help Minimum-Wage Workers

Raymond Burse believes in spreading the wealth. The interim president of Kentucky State University is giving up more than $90,000 of his annual salary to boost pay for the school’s minimum-wage employees. “This is not a publicity stunt,” Burse told the Lexington Herald-Leader. “You don’t give up $90,000 for publicity. I did this for the people. This is something I’ve been thinking about from the very beginning.” Thanks to Burse’s generosity, lower-paid workers will immediately see more money in their …

Who Is Taking Early Social Security Benefits?

Financial planners have been advising us to wait as long as possible to collect Social Security to maximize the benefit. A new study finds that many middle-income workers haven’t heeded that call. They were more likely than higher earners to claim their benefit early and live on a permanently reduced payout for the rest of their lives. According to a Government Accountability Office (GAO) study, workers took their benefit early for a variety of reasons: They didn’t expect to live …

Age Discrimination Claim Valid Despite Waiver, Court Says

Most employers realize that age is not a legal – or valid – reason to terminate an employee. That doesn’t stop some companies from trying to circumvent the federal Age Discrimination in Employment Act (ADEA) by asking terminated employees to sign waivers that promise never to sue for age discrimination. That’s what happened to Robert Fisk, an underground miner for Colorado’s Mountain Coal Co. Laying off Fisk, an eight-year employee, in 2009, MCC required him to sign a waiver to …

Low-Wage Jobs Replacing Middle-Income Jobs, Report Finds

First the good news: Millions of jobs that were lost during the Great Recession seem to be finally coming back. Now the bad news: Most of those newly created  jobs are low-paying ones in fast-food restaurants, retail stores and temporary administrative services -  industries that are less affected by an economic downturn, according to a new report by the National Employment Law Project, a research and advocacy organization. Today lower-wage industries employ 1.85 million more workers than at the start of the …

How to Survive a Workplace Culture Clash With Millennials

A friend who supervises interns recently complained about a young man she gave an assignment to one morning. When she passed his desk a few hours later, he was surfing the Web. His explanation: assignment complete so he was taking a break. Argh! A culture clash is erupting as millennials stampede into the workplace, arriving saddled with a negative reputation. But if boomers want to coexist with twentysomethings, then they – the older generation – need an attitude adjustment, says …

Fees Can Sap Over $100,000 From Your 401(k) Plan

Some 52 million Americans rely on their 401(k) savings plans as a key part of their retirement. Now, the Washington-based Center for American Progress says in a new study that high investment fees could cost the typical worker $100,000 or more over the course of a four-decade career. That may force some to stay on the job at least three years longer than they’d planned just to make up for that loss. Given the fact that many older workers are having a difficult …