Draft bills of a proposed economic stimulus package start to come together, a forecast on the potential impact of raising the federal minimum wage, job gains in certain sectors, oil companies dabble in offshore wind, an expansion of vaccine distribution in Connecticut, and an end to legal immunity for certain Connecticut health institutions are among the top business news items this morning.
National
Several committees in the House of Representatives are starting the work of putting together legislation for a $1.9 trillion economic stimulus package proposed by President Joe Biden. The draft text released Monday include features such as raising the minimum wage to $15 an hour by 2025, paid leave benefits for workers and tax credits to reimburse small business owners for this expense, and workplace safety provisions.
The Congressional Budget Office has released a report on the potential impact of raising the minimum wage to $15 an hour. The nonpartisan office estimates that the pay increase would result in a loss of 1.4 million jobs by 2025, but also lift 900,000 people out of poverty.
Business trends
Job postings returned to pre-pandemic levels in January, according to the jobs posting site Indeed. The listings were concentrated in areas that have been able to endure the challenges of the COVID-19 pandemic, including construction, warehousing, delivery, finance, and technology.
Two major oil companies made a large investment in renewable energy in Europe, purchasing the majority of options offered by Britain to develop offshore wind farms. BP and the French company Total paid the equivalent of $1.2 billion in the bidding process to develop government-owned offshore tracts.
Connecticut
Connecticut will begin allowing residents ages 65 and older to register to receive a COVID-19 vaccine on Thursday, opening eligibility to approximately 350,000 people. Governor Ned Lamont is asking residents to remain patient, as the state is receiving about 60,000 first doses per week and continues to vaccinate other eligible residents.
Lamont says he will end legal immunity for hospitals and nursing homes beginning March 1, opening the institutions to civil suits. These entities have been protected by a legal shield since last April.
