Fed wants millions of Americans to lose jobs, cost of everything to go up: Fitz-Gerald
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The Biden administration published a proposed overhaul of labor rules that could pave the way for more gig workers to be classified as employees, prompting a swift backlash from contract-dependent companies and small businesses.
The proposal unveiled by the Labor Department on Tuesday would make it more difficult for companies to classify their workers as independent contractors – a change that could have major consequences for ride-hailing, delivery and other industries that depend heavily on gig workers.
Companies are required to provide certain benefits and legal protections to employees but not contractors, making employment of those types of workers more expensive.
If the final rule is adopted, more companies may have to provide workers a minimum wage, overtime, Social Security and Medicare payroll taxes, unemployment insurance and workers' compensation insurance. In addition to adding expenses to companies' operations, businesses have argued that employees like the flexibility that gig work offers.
BIDEN'S PROPOSED GIG WORKER RULE COULD DEAL A MAJOR BLOW TO BUSINESSES
((Photo by Drew Angerer/Getty Images) / Getty Images)
"The proposed rule is a massive step backwards, as it resurrects an outdated approach that works against flexibility and regulatory certainty," said Karen Kerrigan, CEO of the Small Business...
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