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New overtime protections for 1 million workers. Thanks, Biden.

On July 1, the Biden administration's new rule extending overtime rules went into effect. President Biden said, "While Republicans side with big corporations and special interests on Park Avenue to try to deny workers these protections, I will always side with hardworking families like the ones I grew up with in Scranton." Another 3 million will get protection next year.

Most of the news stories date back to April, when the rule was initially announced: New Biden rule would make 4 million white-collar workers eligible for overtime pay, USA Today, Paul Davidson Millions more salaried workers will be eligible for overtime pay under final Biden administration rule, CNN, Tami Luhby Millions more salaried US workers are set to be eligible for overtime pay starting July 1, AP - Business, Wyatte Grantham-Philips Millions of salaried workers to become eligible for overtime under new Biden rule, Tennessee Lookout, Ariana Figueroa From the AP story:
The move marks the largest expansion in federal overtime eligibility seen in decades. Starting July 1, employers will be required to pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative and professional roles, the Labor Department said Tuesday. That cap will then rise to $58,656 by the start of 2025.
Starting July 1, 2027, the rule requires Labor to adjust the salary threshold every three years to account for updated wage data. Acting Labor Secretary Julie Su: "So often, lower-paid salaried workers are doing the same job as their hourly counterparts but are spending more time away from their families for no additional pay. This is unacceptable."

Labour must take immediate action to deliver on workers’ rights, says union chief

Post-election honeymoon will be brief unless Keir Starmer holds summit with unions within days, says TUC president

Labour’s post-election honeymoon will be short-lived unless it takes immediate action to deliver on workers’ rights and brings a swift end to 14 years of public sector pay restraint, the president of the TUC has said.

Matt Wrack, also the general secretary of the Fire Brigades Union (FBU), said Sir Keir Starmer should convene a summit with unions within days to plan how a new government would deliver for workers if Labour is victorious in Thursday’s election.

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Β© Photograph: Wiktor Szymanowicz/Future Publishing/Getty Images

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Β© Photograph: Wiktor Szymanowicz/Future Publishing/Getty Images

Apple abruptly abandons β€œbuy now, pay later” service amid regulatory scrutiny

Apple abruptly abandons β€œbuy now, pay later” service amid regulatory scrutiny

Enlarge (credit: sesame | DigitalVision Vectors)

Apple has abruptly discontinued its "buy now, pay later" (BNPL) service, Apple Pay Later, which turned Apple into a money lender when it launched last March in the US and became widely available in October.

The service previously allowed users to split the cost of purchases of up to $1,000 into four installments that were repaid over six weeks without worrying about extra fees or paying interest. For Apple, it was likely a move to increase total Apple Pay users as the company sought to offer more core financial services through its devices.

Now, it appears that Apple has found a different route to offer short-term loans at checkout in Apple Pay. An Apple spokesperson told 9to5Mac that the decision to end Apple Pay Later came ahead of the company's plan to start offering new types of installment loans globally.

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Tesla shareholders re-approve Elon Musk’s $44.9 billion pay package

Elon Musk wearing a suit and waving with his hand as he walks away from a courthouse.

Enlarge / Elon Musk. (credit: Getty Images | Bloomberg)

Tesla shareholders have re-approved CEO Elon Musk's $44.9 billion pay package, the company announced today. "Our stockholders have approved the ratification of the 100 percent performance-based stock option award to Elon Musk that was approved by stockholders in 2018," Brandon Ehrhart, Tesla's general counsel and corporate secretary, announced at Tesla's annual shareholder meeting.

Ehrhart also said that shareholders approved a corporate move from Delaware to Texas, and the re-election of board members James Murdoch and Kimbal Musk (Elon Musk's brother).Β While the official announcement was made at the shareholder meeting late in the day on Thursday, Musk revealed that the yes votes were winning in a social media post last night.

"Both Tesla shareholder resolutions are currently passing by wide margins!" Musk wrote, referring to the pay vote and the move from Delaware to Texas. His post included charts indicating that both shareholder resolutions had more than enough yes votes to surpass the "guaranteed win" threshold.

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