WHAT YOU NEED TO KNOW
- Despite the labor market heating up – the U.S. added 850,000 jobs in June – economic disruption related to the pandemic has driven many out of the workforce prematurely . The trend is largely forcing lower-income workers into early retirement. Among people with incomes at or below the national median, 55% of retirements were recently involuntary. By contrast, among the top 10% of earners, only 10% of exits were involuntary. Since retired workers tend to spend more cautiously, the trend could slow down economic recovery .
- Big tech companies said Thursday’s breakthrough in negotiations over a global tax overhaul was a step toward avoiding a patchwork of overlapping national taxes, but executives and trade bodies remain hesitant to call it a win until those tax regimes disappear. Over 130 countries met virtually to agree that the U.S. will secure international backing for a global minimum rate of tax, marking the most sweeping change in international taxation in a century.
- President Biden wins global support for massive tax overhaul – CNN
- New FTC Chair Lina Khan Wants To Redefine Monopoly Power For The Age Of Big Tech – NPR
- “ICYMI — The world just agreed to the first major overhaul of how companies pay tax in decades. Some low-tax regimes refused to sign up, paving the way for ongoing bickering.” – @markscott82
- Apple will pilot a hybrid in-store and work-from-home arrangement for retail employees , acknowledging a rising trend in online shopping, even as the pandemic eases and more economies reopen. The pilot will last at least six months and participating employees will be paid the same salary, plus some extra for internet and office equipment.
- Venmo announced a feature that gives people with personal accounts the ability to toggle between transaction types and the company will take a 1.9% cut of commercial transactions – a fee previously reserved only for registered businesses. Venmo says the new system is meant to protect buyers and sellers, but small businesses say the change is making it more expensive for them to operate on the platform.
- Burnout among the American workforce is on the rise, exacerbating a widespread problem that existed even before the pandemic. “Hustle culture,” toxic stress and poor access to affordable health care have all compounded to make Americans among the least healthy populations in wealthy countries. Burnout is defined as the mental and physical fallout from accumulated stress in any sphere of life, including work, parenting, caregiving or managing chronic illness.
- Pandemic burnout is taking a toll on Americans, says doctor – MSNBC
- To avoid burnout, Mozilla, Fidelity, Marriott and other companies offer workers more time off – The Washington Post
- “Here’s how to tell if your urge to leave is the result of temporary burnout and restlessness, or a real desire for change.” – @FastCompany
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