California is in the spotlight today as we look at the impact of the rolling blackouts on small businesses and the ramp up of the CalSave retirement savings program. And for you working parents who feel like you can’t give your job 100% all the time, you’re not alone.
PG&E power cuts have huge impact on CA small businesses
The unprecedented decision by the Pacific Gas & Electric Company to enact rolling blackouts across large portions of the state of California has left small businesses in an extremely tough spot as they struggle to meet customer needs and maintain business as usual without electricity. While the move was made in an effort to prevent wildfires from devastating more of the state’s communities, local residents and business owners are finding the utility company’s decision hugely disruptive — and costly.
The Number: $2 billion. Some estimates place the blackout’s damage to the economy at $2 billion. In contrast, the 2017 wildfires in Sonoma County left behind $10 billion worth of damages.
The Quote: “No, we don’t want all our homes to burn down. But if people are having their hours cut because their business is closed, how can they pay for the homes that didn’t burn down?”
CalSave program expands to self-employed & gig workers
Meanwhile, for those lucky Californians still able to charge their phones or computers, when they open their email they might find a message from the CalSave program. A notice went out to all eligible employers with more than 100 employees, alerting them of a June 30, 2020 deadline to enroll in the state-administered public-private partnership program. Additionally, self-employed and gig workers can now participate in the payroll-deduction IRA program.
The Number: 230. Already, a total of 230 employers have joined the program, while over 2000 individual accounts have been funded through CalSave. An estimated 7.5 million Califorians don’t have access to an employer-sponsored retirement program.
The Quote: “Portability is increasingly important in today’s economy and everyone should have a consistent way to save regardless of the ups and downs of work.”
Half of working parents admit they can’t give work their all
A new survey by the Pew Research Center confirms what most working parents already know: working full time while parenting isn’t easy. Nearly half of working mothers and fathers report that they are unable to give 100% of themselves to the job due to the challenges of balancing the responsibilities of work and home. Even so, 80% of mothers who work full time report that that it’s still the right decision.
The Number: $20,200. In Baltimore County, Maryland, it costs approximately $20,200 per year to send 2 children to full-time daycare.
The Quote: “Roughly a quarter of working parents (23%) say they have been treated as if they weren’t committed to their work because they have children, while 17% say they have been passed over for an important assignment.”