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Record-breaking £150bn investment unveiled during US State Visit
Record-breaking investment into the UK of £150 billon unveiled during historic US State Visit, boosting jobs and catapulting growth
US financial giants boost UK investments and jobs across London, Edinburgh, Belfast and Manchester
The Government has announced over £1.25 billion of inward investment from US finance companies, creating 1,800 UK jobs.
U.S Department of Labor to announce new overtime rule by summer
The Department of Labor is proposing a rule that could benefit almost five million workers in the first year. The rule would allow workers earning less than $50,440 a year to be guaranteed overtime pay, if they work more than 40 hours. The current threshold is $23,660.
The amendment to the Fair Labor Standards Act (FLSA) would allow workers earning less than $50,440 a year to be guaranteed overtime pay, if they work more than 40 hours. The current threshold is $23,660.
The Department of Labour’s goal is for hard workers to receive fair compensation, as it was noted “a convenience store manager, fast food assistant manager, or some office workers may be expected to work 50 or 60 hours a week or more, making less than the poverty level for a family of four, and not receive a dime of overtime pay”.
The National Retail Federation expects that many employers will try and avoid costs by reducing workers’ hours or hiring more part-time workers.
The Florida Chamber of Commerce said in a statement the new federal overtime proposal will likely hurt business in the state rather than help. So far, more than 10 regional chambers of commerce have voiced their opposition to overtime changes.
The Department of Labor has received nearly 300,000 comments on the proposed rule, and is reviewing feedback with aims to announce the final rule by July 2016.
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