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Since then, the ways we work have shifted dramatically, and it's time for retirement to catch up. Small businesses are less inclined to provide retirement plans. There are seasonal workers, gig workers, freelance workers, independent contractors, and recognition of the work of caregivers. The pension system and other retirement plans need to address the inherent inequities of previous centuries. Most large corporations still offer sponsor retirement plans, but many employees aren't eligible because of years of service and vesting requirements.

☆ Hard work just doesn't pay like it used to
▼ + stars: | 2023-04-05 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Today's workers, especially gig workers, don't have the security that hard work once promised. Fueling the pessimism about hard work might be that Americans have "been doing nothing but hard work for the last two decades," Jennifer Klein, a Yale labor historian, told Insider. Blame the rise of gig work for hard work not paying offThough Americans work fewer hours now than they have in years past, they're working harder than ever. As a result, "people have experienced hard work and intensified work, but in very, very unpleasant and not particularly rewarding terms," she added. However, deregulation of employment and the dismantling of the New Deal structures of fair work have decoupled hard work and security, Klein said.

☆ Why so many Americans hate their work hours
▼ + stars: | 2023-04-05 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +8 min

Lower-income workers want to work more, and higher-income workers want to work less. In fact, nearly a quarter of low-income workers making less than $47,000 a year want to work more hours. On the flipside, almost a third of middle- and high-income workers say they work too many hours, according to a Pew Research Center report released Thursday. Workers are left either wanting to work more but can't get the hours, or they want to work less but feel they shouldn't. When surveyed, lower-income workers would likely jump at the opportunity to work more hours to earn more.

☆ Workers at $12 billion HR startup Deel say they may have been misclassified as independent contractors. Deel says it has not.
▼ + stars: | 2023-03-23 | by ( Jenna Gyimesi | Rob Price | ) www.businessinsider.com time to read: +4 min

Over half the company's workers are classified as independent contractors — including the CEO. But in a recent Insider feature, workers at the $12 billion company said they have concerns Deel may have misclassified them and their colleagues as independent contractors. At least half the company's 2,000 workers around the world are employed as independent contractors. Many workers that Insider spoke to said there seems to be no noticeable difference in the responsibilities of independent contractors and employees. While most independent contractors work on short-term tasked based projects, contracts reviewed by Insider showed independent contractors at Deel work for multiple years at a time.

☆ Just Eat’s employment U-turn won’t travel
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 22 (Reuters Breakingviews) - Just Eat Takeaway (TKWY.AS) Chief Executive Jitse Groen is speaking out of both sides of his mouth. That marks a U-turn from Groen’s 2021 claim that the gig worker model “led to precarious working conditions”. Just Eat Takeaway will employ food-delivery drivers in the UK as independent contractors or through third party agencies. Sacrificing workers’ rights amid a cost-of-living crisis also doesn’t make Groen look good. But with the European Union passing the legislation to improve workers’ rights, Just Eat Takeaway seems to be exploiting a Brexit loophole.

☆ Uber, Lyft trade group asks Biden's labor nominee to explain position on gig workers
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 20 (Reuters) - A trade group representing rideshare and delivery companies such as Uber (UBER.N) and Lyft (LYFT.O) is asking President Joe Biden's nominee to lead the U.S. Department of Labor, Julie Su, to explain her position on worker-classification rules. The group earlier this month said Su's record is "troubling" and called for a "meticulous review" of her record in the Senate confirmation process. The Department of Labor in October proposed a rule that would make it more difficult for companies to treat workers as independent contractors, which would shake up ride-hailing, delivery and other industries that rely on gig workers. The Department of Labor and the White House did not immediately respond to a request for comment. Reporting by Nandita Bose in Washington; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Deel Speed: The inside story of a $12 billion HR startup's breakneck growth
▼ + stars: | 2023-03-20 | by ( Rob Price | ) www.businessinsider.com time to read: +32 min

Insider spoke with more than 30 current or former Deel workers about the HR company's extraordinary rise, and the unconventional tactics that made it possible. "I think if you talk to anyone, they would say that Alex is the face but all decisions run through Phillipe," one former Deel worker told Insider. "They lose every employment and labor protection," Valerio De Stefano, a professor at Osgoode Hall Law School, said of independent contractors. Alex Bouaziz, Deel on Centre Stage during day two of Collision 2022 at Enercare Centre in Toronto, Canada. The company didn't have an internal human-resources team until sometime in 2021, by which point it had grown to hundreds of people.

☆ Uber, Lyft trade group questions Biden's labor nominee's gig workers stance
▼ + stars: | 2023-03-20 | by ( Nandita Bose | ) www.reuters.com time to read: +3 min

WASHINGTON, March 20 (Reuters) - Rideshare and delivery companies want the Biden administration's nominee for the Department of Labor to clarify her position on an incoming worker-classification rule that could expand workers' rights, a trade group representing the companies said on Monday. The Department of Labor in October proposed a rule that would make it more difficult for companies to treat workers as independent contractors, which would shake up ride-hailing, delivery and other industries that rely on gig workers. Before joining the U.S. Department of Labor, Su was the secretary for the California Labor and Workforce Development Agency, and before then was California labor commissioner from 2011-2018. A report on her tenure released in May 2013 found that her work resulted in a spike in enforcement activity. Reporting by Nandita Bose in Washington; Editing by Mark Porter and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

March 17 (Reuters) - A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc (UBER.N) and subsidiary Postmates Inc challenging a California law that makes it more difficult for them to save money by treating workers as independent contractors. Circuit Court of Appeals said the state must face claims that the law known as AB5 is unconstitutional because it improperly singles out the industry while exempting many others. The decision comes after a California state appeals court on Monday revived a ballot measure passed by nearly 60% of voters in 2020 that exempts app-based transportation services such as Uber and rival Lyft Inc (LYFT.O) from the scope of AB5, which had been struck down by a judge. Uber and the California Attorney General's office did not immediately respond to requests for comment on the decision. That means Uber is subject to the law while pet-sitting service Wag, which has been called "Uber for dogs," is not.

March 17 (Reuters) - A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc (UBER.N) and subsidiary Postmates Inc claiming a California law that makes it more difficult for them to save money by treating workers as independent contractors is unconstitutional. In a major win for the gig economy, which heavily relies on contractors, the 9th U.S. Circuit Court of Appeals said the state must face claims that the law improperly singles out "gig economy" companies while exempting other industries. Reporting by Daniel Wiessner in Albany, New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street ends green as inflation cools, bank jitters ebb
▼ + stars: | 2023-03-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Financial stocks clawed back some losses, with the S&P 500 Banks index (.SPXBK) coming back from its steepest one-day sell-off since June 2020. Bank contagion fears were allayed on Tuesday as reassurances by U.S. President Joe Biden and other global policymakers vowed the crisis would be contained. Even so, inflation has a considerable way to go before approaching the central bank's average annual 2% target. [1/4] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 14, 2023. The S&P 500 banking index (.SPXBK) reclaimed territory lost to Monday's plunge, its biggest one-day drop since June 2020.

Consumer Price Index (CPI) rose 0.4% in February from 0.5% in January as Americans faced persistently higher costs for rents and food. On a yearly basis, the CPI rose 6% in February, compared with 6.4% the previous month. The S&P 500 banking index (.SPXBK) rose 2.9% after recording its biggest one-day percentage drop since June 2020 in the previous session. Advancing issues outnumbered decliners by a 6.05-to-1 ratio on the NYSE and by a 3.52-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and five new lows, while the Nasdaq recorded 18 new highs and 79 new lows.

Data showed that U.S. Consumer Price Index (CPI) rose 0.4% in February versus 0.5% a month ago. Traders held on to bets of a 25-basis-point rate hike at the Fed's next meeting in March, with odds of a pause in hikes slipping a bit to 17%. The S&P 500 banking index (.SPXBK) rose 3.9% after recording its biggest one-day percentage drop since June 2020 in the previous session. Advancing issues outnumbered decliners by a 7.92-to-1 ratio on the NYSE and by a 4.87-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 9 new highs and 36 new lows.

☆ Uber, Lyft Score Victory as California Court Affirms Right to Treat Drivers as Contractors
▼ + stars: | 2023-03-14 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

Uber and similar companies are in a global tug of war with regulators over whether and how to grant more benefits to workers. Uber Technologies Inc., Lyft Inc. and other companies scored a victory with a California court ruling that preserves their independent-contractor model in the state and could boost their efforts to maintain that model elsewhere. A state appeals court reversed a lower-court ruling that found a California ballot measure known as Proposition 22 illegal. Proposition 22, which passed in November 2020, allowed these companies to continue to treat their drivers as independent contractors.

A three-judge panel of the San Francisco-based court reversed a lower court ruling in 2021 that the ballot measure, known as Proposition 22, was unconstitutional. The Service Employees International Union (SEIU) and several gig drivers who challenged Prop 22 will likely appeal the decision to the California Supreme Court, the state's top court. Prop 22 was approved in November 2020 by nearly 60% of voters in California. It exempted app-based drivers from a 2019 state law known as AB5 that makes it difficult to classify workers as independent contractors rather than employees. "Across the state, drivers and couriers have said they are happy with Prop 22, which affords them new benefits while preserving the unique flexibility of app-based work," West said.

☆ Stocks making the biggest moves midday: BuzzFeed, First Republic, Meta and more
▼ + stars: | 2023-03-14 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

(Photo by Justin Sullivan/Getty Images)BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. First Republic , PacWest Bancorp, Western Alliance Bancorp , Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%.

☆ Gig workers still pose roadblock for Uber and Lyft
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 14 (Reuters Breakingviews) - Uber Technologies (UBER.N) and Lyft (LYFT.O) dodged a pothole, but bigger roadblocks may be on the horizon. Jefferies estimates Uber, Lyft and food delivery service DoorDash (DASH.N) will avoid a $20 million to $170 million knock on next year’s earnings thanks to the ruling. A group of Uber and Lyft drivers in New York City staged a strike in February over demands for higher wages. And with a tight job market, competition for workers from employers in other sectors – like retailers, which are hiking minimum wages – is stiff. The Biden administration could still step in, too, having proposed new guidelines for classifying independent workers as employees.

March 14 (Reuters) - Shares of Uber Technologies (UBER.N) and Lyft Inc (LYFT.O) rose in premarket trading on Tuesday following a California court's ruling on treating drivers as independent contractors rather than employees, removing some future regulatory risks for the rideshare companies. A three-judge panel of the state appeals court on Monday reversed a lower court ruling in 2021 that the ballot measure, known as Proposition 22, was unconstitutional. Jefferies analysts estimate Lyft, DoorDash (DASH.N) and Uber have potentially avoided a hit of between $20 million and $170 million to their 2024 core earnings. Uber has dominated the rideshare and food delivery space thanks to massive scale, flexibility and presence in multiple global markets, crushing rivals Lyft and DoorDash. Shares of Lyft, which on Monday hit a record low, were up 6% in premarket trading.

☆ Stocks making the biggest moves premarket: First Republic, Western Alliance, Uber, Lyft and more
▼ + stars: | 2023-03-14 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:First Republic Bank — The San Francisco-based bank stock jumped 45% after closing down 61.8% on Monday. First Republic shares rose amid a broader rebound in regional bank stocks. Credit Suisse — The bank stock fell by about 1.6% after Credit Suisse said it had found "material weaknesses" in its financial reporting processes for 2022 and 2021. Honeywell International — Honeywell shares rose 0.4% after the conglomerate announced that Vimal Kapur, president and chief operating officer, will succeed Darius Adamczyk as CEO. Blackstone shares rose 1.8%.

☆ Uber and Lyft shares rise after California court victory lets them classify drivers as contractors
▼ + stars: | 2023-03-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

In Nov. 2020, California voters approved Proposition 22, which allowed ride-sharing and delivery app makers to classify their drivers as independent contractors. Ride-sharing apps, including Uber and Lyft, can continue to treat their drivers as independent contractors, a California appeals court ruled on Monday, overturning a lower-court decision that barred them from doing so. It was the most expensive ballot issue in California's history, with ride-share companies contributing over $181 million to the "Yes" campaign. A group of ride-share drivers sought to strike down Proposition 22, and won a lower court decision. "Proposition 22 does not intrude on the Legislature's workers' compensation authority or violate the single-subject rule," the opinion read.

Circuit Court of Appeals that said because her overtime pay lawsuit was filed in Pennsylvania, only workers from that state could join. The Supreme Court last year declined to take up appeals of those cases. Under the FLSA, workers can file "collective actions" that are similar to class action lawsuits but have some key procedural differences, including that other workers must opt in to be included. The 3rd Circuit upheld that ruling last year, prompting Fischer's Supreme Court petition. The case is Fischer v. Federal Express Corp, U.S. Supreme Court, No.

☆ Gas surcharges have ended. But not everyone is happy
▼ + stars: | 2023-03-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon, Uber and Lyft recently ended extra fuel surcharges as gas prices dropped late last year. These companies added gas surcharges in response to skyrocketing energy prices following Russia’s invasion of Ukraine last year. Gas prices swung wildly in 2022: At one point the national average for a gallon of gas was above $5 for the first time ever, according to AAA. Fuel surcharges went directly to ride-share drivers and were meant to help them soften the blow of high gas prices. It’s unlikely that gas prices will spike this year.

☆ Here are answers to 5 key questions about the labor board’s severance agreement rule change
▼ + stars: | 2023-02-26 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

Can my employer no longer ever require that I stay quiet in exchange for severance? Normally there is a six-month window akin to a statute of limitations to bring an alleged violation to the board’s attention. So can employers now never require me to stay mum about the company as a condition of receiving severance? It’s easy to forget, but there is no legal requirement for employers to offer laid off workers severance. “There’s a real risk to employees that the case will have a negative impact on the size of severance packages going forward,” he said.

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