Category Archives: Salaries

New Retirement Security Final Rule Will Protect Workers from Improper Advice and Investments, DOL Says

The Biden-Harris administration announced that the U.S. Department of Labor has finalized its Retirement Security Rule to protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings. This final rule will achieve this by updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.

The final rule and related amended prohibited transaction exemptions require trusted investment Read the rest

DOL Will Raise Overtime Salary Threshold In July

The U.S. Department of Labor (DOL) has released its long-awaited final rule under the Fair Labor Standards Act (FLSA). The final rule will expand overtime protections for millions of the nation’s lower-paid salaried workers by increasing the salary thresholds required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. 

Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. Read the rest

States with Minimum Wage Increases this Year

Although the Federal minimum wage remains at $7.25 per hour (an amount that has not changed since 2009), this year on New Year’s Day, 22 states raised their minimum wage, giving nearly 9.9 million Americans a pay raise. Individuals in California, Hawaii and New York made up 51 percent of those earning a raise (all states with high costs of living). According to a report from the Economic Policy Institute (EPI), women made up more than half (57.9%) Read the rest

How to Help Employees Stay on Track for Retirement

This year marks a milestone for the U.S.: More Americans will reach the traditional retirement age of 65 in the same year than at any time in history. According to the U.S. Census Bureau’s population projections (as cited by Investor’s Business Daily), about 12,000 people will turn 65 every day this year. That’s about 4.4 million people. In times past, this would be the year that those 4.4 million people would have given their employers notice, enjoyed a party Read the rest

Salary Equity and Library Workers Free Webinar Coming January 11

The ALA Committee on the Status of Women in Librarianship (COSWL) and the ALA-APA Standing Committee on the Salaries and Status of Library Workers (SSLW) will host a free webinar entitled Salary Equity and Library Workers: Experiences from the Field on How to Make it Happen on January 11, 2024, 1:00 -2:30 pm (Central). Register now. 

Historically, women have been discriminated against in a variety of ways, a primary one being compensation. The ALA COSWL together with ALA-APA SSLW will Read the rest

3 Million More U.S. Workers Could Qualify For Overtime

At the end of last month (Aug. 2023), the U.S. Department of Labor (DOL) announced a notice of proposed rulemaking (NPRM ) that would restore and extend overtime protections to 3.6 million salaried workers. The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, about $55,000 per year.

In a press release of the announcement, Acting DOL Secretary Julie Su commented, “For over 80 years, a cornerstone of workers’ rights in this Read the rest

Employers Could Offer Tax-free Help with Student Loan Payments

With the fall college semester now underway, the Internal Revenue Service (IRS) reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations for their employees.

As part of a wider effort to promote this benefit, the IRS will hold a free webinar on September 14 to help interested taxpayers and tax professionals better understand this special provision.

IRS Commissioner Danny Werfel said, “There is a limited Read the rest

Student Loans: Where Do We Stand Now on Forgiveness and Repayments?

In a 6-3 decision, the Supreme Court struck down the Biden administration’s plan for student loan forgiveness. According to the Supreme Court, the administration exceeded its authority under the HEROES Act to wipe out student debt. However, the Biden administration is not giving up. It appears that the President is determined to keep this one campaign promise. Commenting on the Supreme Court’s decision, President Biden said the administration will take another stab at debt forgiveness under the Higher Education Act. Read the rest

Employers Need to Help Employees Prepare for Retirement Now

Earlier this year (Jan. 2023 LW), we mentioned legislation regarding retirement that was signed by President Biden. The measure (SECURE 2.0 Act of 2022) added more than 90 new provisions to retirement planning. The changes were supposed to make saving for retirement easier and encourage millions of Americans to save for retirement. The problem is that financial insecurity lingers. Employees are carrying a lot of financial stress as persistent talk of inflation, layoffs, a possible recession, Read the rest

5 Quick Dos and Don’ts of Salary Transparency

Over the last several decades, people have contacted staff of the American Library Association (ALA) asking that they demand and require libraries to post salary ranges in job ads. Of course, ALA staff does not possess the kind of power that would allow them to force all libraries to list salary ranges. However, the desire to see salary information in job ads has not gone away. It’s clear that job candidates and current employees want pay transparency. According to a Read the rest