Category Archives: Salaries

High Inflation Impacting Employees

I’m sure many of us are tired of hearing about the high inflation rate in the U.S. More importantly, you are probably tired of feeling the effects of high inflation. Not only does high inflation mean workers’ take-home pay is shrinking, but the value of the dollars in their 401(k)s and similar retirement plans won’t go as far as they might have hoped. In addition to being worried about having enough money to cover basic expenses for items such as Read the rest

Will Inflation Impact Annual Pay Raises?

Did you receive a pay raise last year? If so, how much was it —1%, 2%, 5%? Chances are if you received an increase in pay last year, it was not enough to keep pace with the current inflation rate. The annual U.S. inflation rate hit 9.1 percent in June, a new 41-year high, according to the U.S. Department of Labor. And Americans are feeling the pinch. The price of most consumer goods (i.e., food, clothing, housing, utilities, transportation, Read the rest

Baby Boomers Spending Retirement Savings Fast

You don’t have to listen to the news to know that the prices of nearly everything have increased. If you bought groceries, gas, or any other necessity, you felt the pinch in your bank account. But if you read or listen to the news, you have undoubtedly heard that inflation rose to 9.1% last month, reaching its highest point in 41 years. Higher prices have caused some to dip into savings (assuming you had funds set aside for long-term purposes) Read the rest

The Student Loan Pause Extended

Earlier this month, the U.S. Department of Education (Department) announced an extension of the pause on student loan repayment, interest, and collections through August 31, 2022. The extension will provide additional time for borrowers to plan for the resumption of payments, reducing the risk of delinquency and defaults after the restart. During the extension, the Department will continue to assess the financial impacts of the pandemic on student loan borrowers and prepare to transition borrowers smoothly back into repayment. This Read the rest

Mississippi Passed an Equal Pay Bill; Advocates Worried

The Equal Pay Act of 1963 is a U.S. law that prohibits employers from paying different wages to men and women who work under similar conditions and whose jobs require the same level of skill, effort, and responsibility. The jobs do not have to be identical, but they must be substantially equal. Job content (not job titles) determines whether jobs are substantially equal. Mississippi is the last state in the nation to not have either an equal pay law or Read the rest

Equal Pay Day

By Sian Brannon

“Equal Pay Day” is a date noted each year that symbolizes the time during the year when women will have finally earned the same as white men from the previous year. Typically in spring, it takes approximately 15 months for a (white) woman to earn as much as a white man earned in 12 months. The first Equal Pay Day was recognized by the National Pay Inequity Awareness Day proclamation by President Bill Clinton on April 11, Read the rest

Thinking about Retiring in 2022? Reasons to Reconsider

Anyone older than 50 has probably thought about what it will be like to retire. Most people work hard all their adult lives and look forward to retirement. Given the last two years of dealing with uncertainty brought on by various aspects of life — the pandemic, economic instability, social unrest, political upheaval, stress, etc. — it’s not surprising that more people may be looking to retire sooner rather than later. Some may even be in count-down mode. If you’re Read the rest

Public Service Loan Forgiveness

In October, the U.S. Department of Education announced an overhaul of the Public Service Loan Forgiveness (PSLF) program that it will implement over the next year to make the program live up to its promise. This article explains that “when the loan forgiveness program started in 2007, its goal was to encourage workers to pursue careers in public service. After ten years of public service work, applicants – teachers, nurses, first responders, child welfare workers, librarians, mental health professionals, Read the rest

More Equal Pay Days: Native American Women and Latinas

Can you believe that it is already the middle of October? Where did the time go? For some people, it may feel as though the year flew past in a blur. For others, the time may have dragged on. This feeling may be particularly true if you are a Latina or Native American woman coping with financial struggles, trying to make ends meet. October 21st is the last Equal Pay Day of the year—and it belongs to Latinas. Equal Read the rest

Equal Pay Day for African American Women Came this Month

August 3 was Black Women’s Equal Pay Day for this year: African American women had to work all of 2020 and this far into 2021 to catch up with what White men earned in 2020 alone. On average, African American women make 37% less than White men and 20% less than White women, even when they worked in similar jobs and had similar qualifications. According to the Institute for Women’s Policy Research, “if changes in the earnings ratio for Read the rest