July 31st, 2014
From the city council vote in Seattle to fast food protests across the world, the past few months have seen the rise of a heated debate over the minimum wage. IKEA, the global furniture retailer from Sweden, provided new fodder for the discussion last month when they announced that they will be changing the base wage for all of their United States locations next year.
Starting in January of 2015, the minimum pay for IKEA staff in the U.S. will be determined by MIT’s Cost of Living Calculator. Hourly wages will be adjusted to the cost of living in the city each store is located in, establishing a different base pay for each of their 38 locations. Currently, the average minimum pay at IKEA is $9.20 an hour. This change will raise the store’s average minimum pay 17% to $10.76 an hour, with workers at some locations earning as much as $13 an hour.
Affording Increased Costs
Opponents of increasing the minimum wage argue that the move forces retailers to increase prices and decrease hiring. IKEA has referred to their new wage structure as a large investment, but made assurances that their prices will not be increasing. Instead, the company seems to be banking on this investment to pay off in other ways.
July 28th, 2014
According to recent data from the American Bankers Association, Americans are meeting their payments at record pace. In the first quarter of the year, late payments fell to 2.44 percent of all accounts. This is a large decline from the previous quarter’s 2.60 percent and the 15-year average of 3.82 percent.
July 25th, 2014
Last week, Illinois Attorney General Lisa Madigan announced that the state would be filing a lawsuit against two debt settlement companies, Broadsword Student Advantage and First American Tax Defense, over their student loan practices.
July 22nd, 2014
According to recent analysis by Georgetown University, millennials make up nearly 40 percent of the unemployed population. Find out more about the implications.
July 21st, 2014
Each month, Bankrate’s Financial Security Index attempts to capture the American financial climate. The biggest, and most concerning, takeaway from the June survey is that half of Americans have no more than a few months’ expenses saved away.
July 18th, 2014
U.S. credit card issuers have until October 2015 to replace consumers’ credit cards with more secure EMV cards. Read more here.
July 16th, 2014
With summer fully underway, school and student loans are probably far from your mind. The U.S. Department of Education understands. That’s why they’re giving you time to review and comment on their newest changes over the next few months.
July 15th, 2014
A college diploma can’t guarantee success. It tips the odds in your favor when you’re competing against somebody with less education, but that doesn’t mean that the hard work is over. When you walk across that stage in your cap and gown and exit the college bubble, you’re replacing the stress of schoolwork with the stress of the workforce. And the scary bit is that this transition is not always fluid if you’re not ready for it.
July 14th, 2014
There’s your credit score, your auto insurance score, your home insurance score – and your health risk score? Bloomberg Businessweek is reporting that Carolinas Healthcare, a network of hospitals, urgent care centers and doctor’s offices in North and South Carolina, has partnered with data providers to collect and analyze consumer data on potential patients. They’re now taking information from credit card purchases, public records and store loyalty programs to better assess the likelihood that a given person will get sick. The collected information is then translated into a risk score that could potentially be distributed to doctors and other medical professionals in the future.
July 11th, 2014
Traditionally, retirement is viewed as a time of leisure, rest and relaxation. After working for 30 or 40 years, retirees expect to take a load off and do things that they enjoy. Now, though, more and more people are choosing to continue working after retirement.