WASHINGTON, March 8 — The decline in unionisation and moves by employers to stop workers from changing jobs have undermined competition in the US labour market, lowering American salaries by 20 per cent, the Treasury Department said yesterday.
President Joe Biden has repeatedly blamed corporate consolidation for pushing up prices, and last year he signed an executive order aimed at increasing competition in the world’s largest economy. This is a “significant problem,” and the report estimated the “lack of competition causes wage declines of roughly 20 per cent for workers, relative to what they’d otherwise earn.”
The report specifically takes aim at business practices such as classifying employees as contractors and having them sign non-compete agreements, which restrict industries they can work in after leaving a position.The report also cites “overly-burdensome licensing requirements” as well as the falling ranks of unionised workers.
Source: News Formal (newsformal.com)
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