Some organizations including the Economic Policy Institute and CFP Board championed the final rule on Tuesday.
Plan Adviser
April 26, 2024
This is great news for American workers. When this policy is fully enacted next summer, EPI reports that worker paychecks will grow by $1.5 billion every year.
Civic Ventures
April 26, 2024
The Older Workers and Retirement Chartbook, produced by the Schwartz Center for Economic Policy Analysis and the Economic Policy Institute, suggests that more than half of retirees (52%) were pushed out of their jobs before they were ready to retire.
Project Syndicate
April 26, 2024
Not only is childcare hard to find but it can be expensive. According to the Economic Policy Institute, the average annual cost for childcare for a 4-year-old child is a little more than $7,000.
Bay News 9
April 26, 2024
As Economic Policy Institute (EPI) president Heidi Shierholz explained, “Noncompete agreements are employment provisions that ban workers at one company from working for, or starting, a competing business within a certain period of time after leaving a job.”
“These agreements are ubiquitous,” she noted, applauding the ban. “EPI research finds that more than 1 out of every 4 private-sector workers—including low-wage workers—are required to enter noncompete agreements as a condition of employment.”
Common Dreams
April 26, 2024
The Economic Policy Institute applauded the Federal Trade Commission’s decision on Tuesday to ban noncompete clauses in employment, saying in a statement on its website that “this is an important step toward fostering fair competition and empowering U.S. workers.”
Noncompete agreements are conditions of employment that prohibit a worker from leaving a job to take a role at a competing business or starting their own within a certain period of time. Research from the Institute has found that up to 25% of workers in the private sector—even low-wage employees—have been required to sign noncompete agreements.
CEO North America
April 26, 2024
Ultimately, the rule change will only impact about 3% of the workers who are covered by the FLSA, according to an analysis from the left-leaning Economic Policy Institute.
Bloomberg Law
April 26, 2024
The rule was hailed by labor groups and left-leaning policy experts.
“Noncompetes are about reducing competition, full stop. It’s in their name,” said Heidi Shierholz, president of the progressive nonprofit Economic Policy Institute. “Noncompetes are bad for workers, bad for consumers, and bad for the broader economy. This rule is an important step in creating an economy that is not only strong but also works for working people.”
NBC News
April 26, 2024
Meanwhile, advocates applauded the administration’s rule — with some noting that such a move is overdue. The left-leaning Economic Policy Institute says that the overtime threshold has not been updated properly for almost 50 years — leaving millions without such federal protections.
“The rule is an important step toward correctly valuing one of the most precious resources workers have — their time,” EPI president Heidi Shierholz said Tuesday. “This rule is an essential milestone in creating a stronger, fairer economy.”
Associated Press
April 26, 2024