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Late March 2, President Obama signed into law a bill (H.R. 4691) that, among other things, temporarily extends emergency unemployment compensation and the eligibility period for the 65 percent COBRA premium subsidy. Obama signed the Temporary Extension Act of 2010 only a few hours after the Senate approved the bill in a 78 to 19 vote and following five tumultuous days of a hold placed on the legislation by Sen. Jim Bunning (R-Ky) over offsetting its $10 billion dollar cost. The House approved the emergency spending measure by voice vote last week. Obama, in a written statement, commended the Senate for bipartisan approval of the measure and consequently ending "this roadblock to relief for America's working families."
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Administration (SSA) welcomes new customers to enroll in its Consent-Based Social Security Number Verification service (CBSV). CBSV went live in 2008 and more than 100 companies have enrolled to use this service. CBSV permits private businesses, government agencies or tax preparers to verify whether a name and Social Security Number (SSN) combination match the data in its Master File of SSNs. It provides instant, automated SSN verification and it easily handles large volume requests.
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Act, signed into law in January 2009, put renewed focus on rewards fairness. As employers consider their rewards programs for 2010, it is just as important that pay equity continues to be emphasized. Mercer lists five reasons employers should focus on pay equity this year, saying that proactive employers can minimize financial and reputational risks.
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The contradiction that showed U.S. employment and unemployment both going up in January is one of several complex aspects of the labor market's road from recession to recovery, The Conference Board reported March 2. Real GDP, consumer spending, and productivity increased in the U.S. in late 2009, and the speed of job losses declined from 2008 and the first half of 2009. But there have not been consistent monthly gains in net hiring. In January 2010, the U.S. labor market shed jobs, yet the unemployment rate fell. "We'll experience more months of these mixed signals before the labor market reaches sustained recovery," says Christopher Woock, researcher, human capital, The Conference Board.
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Company employees remain the most likely source for filling open positions in 2009, according to CareerXroads' 9th Annual Source of Hire (SOH) study. The study, which takes a look at how corporations fill their open positions in the U.S., was participated in by 41 firms with approximately 1.8 million U.S.-based employees and representing 176,420 positions. Of those positions, 51 percent were filled from internal movement and promotion. This is the highest average ever seen for the U.S. in the 9 years of survey data.
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The economy continues to change the retirement timeline for many mature workers, leaving them with tough decisions about their futures. More than seven in ten (72 percent) workers over the age of 60 who said they are putting off their retirement are doing so because they can’t afford to retire financially, according to a survey by CareerBuilder.
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Monthly job cuts fell in February to the lowest level since 2006, as companies announced plans to reduce payrolls by only 42,090, according to the latest job-cut report released by global outplacement consultancy Challenger, Gray & Christmas, Inc. The February total was down 41 percent from January’s 71,482 announced job cuts. It was 77 percent lower than the 186,350 job cuts announced in February 2009, when the economy was still in the midst of the housing and financial markets collapse.
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