BUSINESS NEWS MAY 19TH, 2016
An overhaul in federal rules has allowed businesses to pay employees for overtime, leading people to believe that bigger checks will follow. However, that may not be the case for every worker. Whereas the previous rule required that one work over 40 hours a week with an income of approximately less than $23,000, the new rule raises the income bar to less than $47,000. Under previous rules, managers could not be compensated for overtime. However, the new rules would allow managers who work for more than 40 hours a week can be compensated at a time and a half.
MICROSOFT DUMPS PHONE SECTOR
The software company announced Wednesday that its mobile business will be bought by a Foxconn subsidiary for $350 million. This decision is the latest in a series of questionable business ventures by Microsoft. CEO Satya Nadella has been enacting large cuts in the Nokia sector, which had been bought over in 2013 by former CEO Steve Ballmer. FIH Mobile, the company buying Microsoft’s phone business, is slated to get customer contracts, factory rights in Vietnam, and software.
CAN MILLENNIALS RETIRE?
College debt, living expenses, transportation and housing costs. People in their 20s and 30s face the daunting task of paying all these debts and saving up enough to retire. However, despite the seemingly impossible nature of this task, there are certain things people can do in order to surmount it. First and foremost is the development of fiscal responsibility. The Department of Labor released a study that shows that housing is the biggest burden on the finances of both young and old people. They suggest not blowing savings on a house, and instead, shell out money for cheaper living.