Walk into a restaurant, retail store or hotel, and you might encounter a manager who seems to be doing the same tasks as the people he’s managing. Maybe you’re in one of those jobs. A lawsuit by employees against a retail store revealed how meaningless the title of manager can be: the store managers were “stocking shelves, running cash registers, unloading trucks and cleaning parking lots, floors and bathrooms.” Hardly the types of responsibilities that go with overseeing one’s coworkers. The employees were suing for overtime pay under a Depression-era federal law to receive back pay for overtime when they worked more than 40 hours per week. Employers are exempt from paying overtime under this rule, however, if the employee is a manager earning more than $35,568 per year, rather than an hourly wage. One last requirement to qualify for the overtime exemption is that employers must give the worker…
Originally Published on https://squaredawayblog.bc.edu/
I’m a veteran financial and economics reporter, most recently for The Boston Globe, who has also written for The Economist and other publications. I uncovered scandals during the savings and loan crisis in Texas back in the late 1980s, trekked around the world to cover finance and economics in the 1990s, and ventured into Boston neighborhoods to cover the recent subprime mortgage crisis.
While covering subprime mortgages, I began to see the importance of financial behavior and literacy. Wall Street excesses certainly fueled the crisis, but a poor understanding of complex financial products also played a major role. I interviewed dozens of homeowners in the grip of foreclosure who had agreed to home loans that they did not understand and that their brokers did not or could not explain to them. The consequences for these individuals – and the country – were disastrous.
I use the same dogged reporting skills to cover financial issues of growing importance today, including the personal crisis that concerns millions of baby boomers: Retirement.