By Aimee Picchi
CBS MoneyWatch, July 20, 2015
The global economy is improving. Just don't tell many of the people who live and work in it. That's according to the Organization for Economic Co-operation and Development (OECD), which has published a report about the labor conditions of its nearly three dozen member countries, including the U.S., Japan, and European countries such as the U.K. While economic conditions have generally improved, the recovery is far from complete, and remains uneven across countries.
One of the ailments of today's job market is a shift toward part-time work, leaving millions of workers earning less and with fewer opportunities for job growth ...
On top of that, minimum wages need to be reset regularly to match the cost of living, or else workers will face an erosion in their real wages, the group warned. That has happened in the U.S., which just marked the sixth-anniversary since the last minimum wage hike. ... advocates are pushing for another increase to the federal minimum wage, which has remained at $7.25 an hour since 2009.
According to Business for a Fair Minimum Wage, a coalition of businesses that support a higher baseline wage, the current minimum wage has one-third less buying power than it had in 1968, adjusted for inflation. Some states have responded by boosting their minimum wages ...
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