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Many workers face mandatory covid vaccination or no jobs

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Many workers face mandatory covid vaccination or no jobs

Paramedic Cuevas (R) administers a dose of COVID-19 vaccination to a person during a vaccination program at Culver City Fire Department Station 1 on August 5, 2021 in Culver City, California.

Mario Tama | Getty Images News | Getty Images

As more and more people return to work after months of telecommuting, the issue of vaccination status becomes increasingly relevant and, for a growing number, professional status.

There are a growing number of jobs and industries in the United States and Europe that now require people to be fully immune to COVID-19 – not just in more obvious public roles such as healthcare and education, but also in technology, hospitality. , travel and finance sector.

When the Covid vaccine rollout began in the United States and Europe about nine months ago, most workers had to queue for an injection, with priority given to the elderly and healthcare workers.

But vaccination has become more accessible to all adults in high-income countries and employers are encouraging their employees to get vaccinated, both for the health of their workers and for the return to normalcy.

As the vaccination campaign begins for other segments of society who are not yet vaccinated – mainly adolescents – adults living without vaccination are struggling to return to work or find employment in certain sectors and businesses. It’s possible.

low discount on works

The net was closed last week on the unaffiliated with the warning from President Joe Biden that “patience is dwindling” about the unaffiliated, especially as cases of Covid in the United States remain bred as an infectious delta variant.

Starkly, Biden presented a plan last Thursday to increase COVID vaccination rates across the country, calling on private employers to administer vaccines to their employees as well as federal employees, contractors and healthcare workers . Obliged to make it compulsory.

The share of job postings requiring vaccination increased as the United States Food and Drug Administration approved the Pfizer-BioNTech vaccine on Aug. 23, according to the jobs site. .

“A few weeks ago, job postings about the need to get vaccinated started to arrive and have intensified since then,” said Ann Elizabeth Konkel, economist at the Indeed Hiring Lab, adding that part of the postings of employment in the seven days preceding August 30. Vaccination needs per million specifically against COVID increased 119% from last month.

Jobs requiring vaccination but not specifying COVID followed the same trend, up 242% over the same period. Nonetheless, Indeed noted that those vacancies requiring vaccination represent less than 1% of all job postings on its site, although it indicated that this number could increase.

Read more: Tension mounts between “Waxxed and Unwax” as many return to the office

In the seven days ending Aug. 30, the recommended share per million job postings, rather than requiring vaccination, increased 40% month over month.

Konkel said, “With the increase in delta-type cases, employers are undoubtedly wondering how they can keep their business recovery on track. Vaccine requirements are a way to keep employees and customers safe and to manage business operations. “”

“In the coming weeks, it will be important to see whether job postings promoting vaccination lose ground for people in need of vaccines. Employers do not advertise vaccines. Maybe their position will give them a head start in finding workers. … But some experts would say this has adverse consequences for public health, ”she said.

What jobs do vaccines want?

Some industries have seen a dramatic increase in the number of vacancies requiring vaccinations, although employment data actually shows that those requiring vaccination represent only a small proportion of all jobs on offer.

Clearly, given the front-line nature of the industries, the percentage of job postings requiring vaccination in the personal care and home health industry increased by 333% in the month up to August 30, and the social and community service sector grew 326%, in fact the data is shown.

But other sectors have also seen the need for vaccination reflected in more job vacancies.

For example, the percentage of job vacancies requiring vaccination in the legal sector increased by 210% in the month to August 30, in the education sector by 146%, in the administrative support sector by 219 % and in 180% media and communication industry.

Statewide, Arizona led the country in job postings requiring vaccinations, while Washington state was in second place. Regionally, the West Coast and New England had slightly higher shares of job vacancies requiring vaccination than other parts of the country.

“As the Delta version continues to wreak havoc, vaccination rates are increasing. But, with the coming winter, some employers are taking matters into their own hands by making vaccination compulsory. Job postings requiring vaccinations can be found in various regions and geographic locations. Time will tell how far this trend goes. In addition, a small but growing number of job seekers, especially in nursing, are looking for opportunities that do not require vaccination, ”Konkel said. .

Should I get vaccinated?

McDonald’s is among companies that have announced that they will require their U.S.-based office workers to be vaccinated against the coronavirus.

SOPA Pictures | LightRocket | Getty Images

The influential US lobby group AARP notes that a growing number of people – both looking for and currently employed – are wondering if they need a COVID vaccination to keep their jobs:

“Short answer: Yes. An employer may require vaccinations if you wish to continue working there. But you have potential concerns related to any disabilities and important exceptions to religious beliefs that prohibit vaccinations, ”noted the AARP. end of August.

“While many Americans are still reluctant to get the vaccine, even as the delta version spreads, more and more employers are telling workers they must either get the vaccine or follow a rigorous testing regimen. They must wear masks and practice physical distancing if they want to return to work. Refusing to vaccinate may result in job loss and the person may also not be entitled to unemployment benefits. “

what employers should do

As millions return to the office after months of working from home, there are growing reports of tensions between vaccinated and unvaccinated workers.

Employment experts say it is important for employers to communicate openly and clearly with employees about their immunization expectations and safety protocols before returning to the workplace.

“Employers must adequately inform their employees of work dates, vaccination requirements, on-site work rules and accommodation procedures,” Anthony Mingione, employment lawyer and partner, told CNBC in the New York office of the Blanc Rome law firm. Last week.

“Effective communication includes communicating expectations of decorum in the workplace, reminding workers of the privacy rights of their colleagues, and ensuring that the consequences of violations are understood in advance. Employers are also equipped to deal with these problems. which would arise based on employee availability. Children affected by lack of care or school closures, immunocompromised family members or COVID-19 quarantines. Besides complying with the law, the most important thing in conflict resolution is to implement policies consistently, ”he said.

Lucy Lewis, partner at global human resources lawyers Lewis Silkin, said that for employers facing persistent hesitation about vaccination among their employees, it would be best for companies to establish open lines of communication between the employee and the employer.

“Our experience shows that the most effective way to initiate discussions about the need for vaccination is to actively listen: to encourage employees to share their reasons for not getting vaccinated. In some cases, there may be a real underlying cause [e.g. medical] Why vaccination is not possible and alternative measures can be taken in these cases [e.g. regular testing for office attendance], she noted.

In any case, discussions like this provide an opportunity to encourage vaccination by explaining why it is important, Lewis said, “and to ensure that reluctant workers turn to reliable sources for vaccine safety information “. trust.

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Crypto sounds a wake-up call – and a tax opportunity – for investors

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Crypto sounds a wake-up call - and a tax opportunity - for investors

Detail of the statue of Satoshi Nakamoto, the pseudonym used by the inventor of bitcoin in Budapest, Hungary.

Janos Kumar | Getty Images News | Getty Images

The price of popular cryptocurrencies like bitcoin and ethereum fell on Friday after Chinese authorities stepped up the crackdown, essentially banning crypto.

Government intervention, while important, does not mean investors should run for the hills, financial advisers say. But it’s another reminder that crypto holdings are subject to wild price swings, he said.

“I wouldn’t call it the end of the world,” said Leon Labrecque, accountant and chartered financial planner at Sequoia Financial Group, based in Akron, Ohio. “It’s just a wake-up call.”

“You have to recognize that this is a volatile asset and all the ups and downs go hand in hand,” he said.

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This volatility opens up tax planning opportunities that could be available for a few more months, the advisers said, based on the Democrats’ final agreement on federal tax law.

By 3 p.m. ET on Friday, the price of bitcoin had fallen 6% to around $ 42,000. Ether, the second largest digital currency, fell more than 8% to almost $ 2,890.

Investors are stunned after the People’s Bank of China declared all crypto-related activities illegal. For example, these activities include trading services and foreign exchange transactions. This is the latest step in a nationwide crackdown on digital currencies.

The notice said the ban on bitcoin and other cryptocurrencies could be of concern to current and potential investors, as the government restricts the pool of buyers from a significant portion of the world’s population. And other governments will also be implementing additional rules, he said.

But for long-term prices, it may not make much of a difference. The daily drop in the cost of crypto, which may seem significant at the time, could be part of a long-term correction of course towards an average value, advisers said.

“Will government regulations cause major volatility in crypto?” Yes, ”said Wayne Wilbanks, Managing Director and Chief Investment Officer at Wilbanks Smith & Thomas Asset Management in Norfolk, Virginia. “Will this make crypto obsolete?” No.

“I don’t think Chinese regulations, or even US regulations, make a big difference in the long run,” he said.

Bitcoin, for example, is still up around 40% despite Friday’s drop. (However, it remains close to the April high of $ 63,000.)

Volatility has been a signature of cryptocurrencies to date. For example, prices have skyrocketed this year following a tweet from Tesla co-founder and crypto enthusiast Elon Musk.

Advisors generally advise investors to allocate a small portion of their portfolio (which they would be entitled to lose) because of risk.

tax benefit

According to Jeffrey Levine, accountant and planning director at Buckingham Wealth Partners in Long Island, New York, investors can use recent volatility in their favor.

Stock, crypto, and other investors are able to “reap” investment losses for tax benefits. Basically, they can sell a losing investment (eg, bitcoin) and use the loss to wipe out the gains from a winning investment elsewhere in their portfolio.

This “harvest of tax losses” reduces (or eliminates) the capital gains tax, which is due on the appreciable value of the investment sold.

However, unlike stock market investors, what crypto investors sell can quickly redeem in the same digital currency or a similar currency. As a result, they can benefit from the tax advantage mentioned above, as well as a portfolio advantage if volatile assets regain value too soon.

House Democrats have offered to close this crypto loophole later this year as part of a campaign to reform the tax code.

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CDC director defends controversial call for Pfizer’s COVID recall

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CDC director defends controversial call for Pfizer's COVID recall

Dr Rochelle Valensky, who has been chosen to serve as director of the Centers for Disease Control and Prevention, speaks at an event at the Queen Theater in Wilmington, Del. On Tuesday, December 8, 2020.

Susan Walsh | PA

CDC director Dr Rochelle Valensky insisted on Friday that she had not canceled a vaccine advisory committee by expanding agency approval of Pfizer’s COVID recall to include a proposal rejected by the panel.

In an unusual move, Valensky broke with the CDC’s advisory committee on immunization practices, which voted 9-6 Thursday against allowing vaccines in settings at high risk of transmission. Wolensky followed up on three other panel recommendations to distribute the third injection to adults with underlying health conditions and to all people 65 years of age and older. She said the final vote, which approves additional doses for teachers, health workers and other essential workers, was a “close scientific call.”

“I want to be very clear that I did not fire an advisory committee,” Valensky said during a COVID White House briefing on Friday. “I have listened to all of the deliberations of the FDA Advisory Board and listened intently to this amazing group of scientists who have deliberately and very transparently for hours on end on some of these difficult questions and the state of the science. . “

Valensky’s directive aligns closely with Wednesday’s Food and Drug Administration decision on the recall. The agency has also consulted its panel of scientific advisers in authorizing shots for a wider audience than that approved by its advisory committee on vaccines and related biologics.

“It was a tight science call,” Valensky said, noting the two-day meeting and the heated debate. With the vote divided, Valensky said, “It was my call. If I was in the room, I would have voted yes.

He sought to reassure public confidence by encouraging people to come back and listen to the committee’s deliberations. “We did it publicly, we did it transparently and we did it with some of the best scientists in the country,” she said.

President Joe Biden said the CDC’s recommendation extended the recall to nearly 60 million Americans – including teachers, health workers and supermarket workers – during a briefing Friday morning. Valensky said the broader recall standards better protect frontline workers and account for inequities in the administration of vaccines that affect people of color.

“I am also aware of the negative impact of this pandemic on racial and ethnic minority communities,” Valensky said. “Many of our frontline workers, essential workers and people in isolated environments come from communities that are already hardest hit. “

She said blocking access to boosters for these groups would only worsen inequalities in the pandemic, with black and Hispanic Covid patients dying at higher rates than whites.

According to the CDC, more than 55% of Americans have been fully immunized and more than 2.4 million people have received boosters since the agency cleared them on Aug. 13 for people with weakened immune systems.

Valensky said the agency will work to quickly assess Moderna and Johnson & Johnson’s recall data in the coming weeks.

“We intend to create several advisory committees at the CDC to consider several upcoming decisions, including Moderna, J&J, as well as pediatric vaccination,” Valensky said.

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Nike can take advantage of its poor supply chain

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Nike can take advantage of its poor supply chain

A pedestrian walks past a Nike store, an American multinational sportswear brand, and its logo as seen in Hong Kong.

Budrul Chukrut | SOPA Pictures | LightRocket | Getty Images

Weaker sales forecasts, slower growth in China and a disrupted supply channel. The news from Nike’s first quarter financial results report was not good.

Shares fell more than 6% on Friday afternoon after the report. Prior to the results, stocks had already fallen nearly 9% from the all-time high of $ 174.38 reached in August.

Some analysts see an opportunity for Nike to position its business and stocks for higher growth amid the sell-off. Nike’s supply chain woes provide it with cover to accelerate its direct-to-consumer sales strategy, which has been a key driver of profitability in recent quarters.

Now, it takes about 80 days for Nike to get goods from Asia to North America – double the time it took before the pandemic. Manufacturing facilities across Vietnam are starting to reopen, but Nike has lost nearly 10 weeks of production as the pandemic comes to a halt. About 43% of its total footwear and clothing units are produced domestically.

For the next few quarters, Nike expects consumer demand to exceed supply. This means Nike will need to be more strategic about where it ranks in running shoes and training tops. He will probably opt for his own stores rather than wholesale partners.

“As long as stocks are tight, it’s reasonable to assume that the pivot will be straightened out,” said Simeon Siegel, analyst at BMO Capital Markets. “They prioritize their channels with the first product. “

Before the Covid pandemic hit, Nike was on track to expand its direct-to-consumer sales business. It is also cutting partnerships with some wholesale retailers while growing its online business and opening Nike stores around the world. Over the past three years, Nike has removed about 50% of its wholesale junk accounts.

Nike calls the transition a “direct consumer offense,” a game of sports terminology. In fiscal 2021, Nike’s direct revenue represented approximately 39% of Nike brand sales, up from 35% the year before. Selling more goods at full price has also made a profit. Nike’s gross margin for fiscal 2021 increased to 44.8% from 43.4% in 2020.

The woes of an industry-wide supply chain could accelerate Nike’s DTC push to an even faster rate and, in turn, increase profitability.

Nike is “always in demand”

“This means Nike now has a free excuse to speed up its DTC transition and say, ‘We don’t have supplies for our wholesalers,’” Stacey Widlitz, president of SW Retail Advisors, said in an interview. “It’s a huge opportunity, because you see all these other brands doing wholesale, but they don’t have a high end line like Nike. There is always a demand for Nike.

And while Nike’s shelves may be a bit empty compared to normal times in the coming months, Widlitz doesn’t think this will definitely drive shoppers to other retailers.

“People are always going to come back for the big brands,” she said. “It’s the most blocked demand, because they’re basically saying to the consumer, ‘You can’t have this right now.’ You are creating FOMO due to a lack of supply. No headaches to take advantage of it.

During Thursday’s earnings call, Nike’s management team said it was prioritizing its direct channels.

Nike’s main partners are Foot Locker, Dick’s Sporting Goods and Nordstrom, and investors in those stocks are worried about what Nike’s problems will mean for their businesses. Foot Locker’s shares fell more than 6% on Friday, while Dick’s shares were down almost 2%. Nordstrom’s stock was almost flat.

CFO Matt Friend said the temporary disruption in the supply chain “is likely to further accelerate the transformation of the market – to Nike and our most important wholesale partners.”

“We’re going to have lean stocks,” he said. But added: “Strong brands are strengthening themselves in this environment.”

And according to City analyst Paul Lejuez, a temporary supply chain problem is a better problem than a demand problem. He doesn’t see Nike as a demand issue.

“We see these supply chain disruptions as fleeting… more [the delays] have a huge impact on the athletic shoe space, ”Lejuez said in a research note. “The biggest impact of the plant closure in Vietnam is expected to be post-holiday.”

Another way to accelerate growth

If growth slows in China, it will be even more important to strengthen Nike’s North American business. Greater China has long been Nike’s most profitable and important growth market. But in Nike’s last quarter, the region’s revenue grew at the slowest rate of any geography.

General Manager John Donahoe said Nike is playing the long game in China. Supply constraints will impact the performance of the industry in the second quarter, he said, but the company “will invest for the long term and we are confident in the long term opportunity.”

Wall Street research firm UBS said it expects Nike shares to rebound after Friday’s sell-off. UBS shares have a buy rating with a target of $ 185. As of Friday afternoon, Nike was trading at around $ 149 a share. According to FactSet, the average analyst rating for the stock is $ 184.35.

“While some uncertainty remains as to how long it will take to resolve supply chain issues and if Nike’s sales growth rate in China accelerates, we believe investor sentiment will improve. now that Nike has closed its factory in Vietnam. ” Let’s trigger the effect, ”said analyst Jay Sol. “We are confident that most investors will look to fiscal 2023 and see a rebound scenario.”

—CNBC Michael bloom contributed to this report.

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