Minimum wage raised to $6.55 per hour
NEW YORK The national minimum wage increased to $6.55 per hour as of July 24, as part of the Fair Minimum Wage Act of 2007. The minimum wage had been $5.15 an hour since 1997.
The Minimum Wage act mandates a third increase, scheduled to take place on July 24, 2009, that will raise the minimum wage to $7.25 per hour. This would be the final increase under the act.
Medco sees double-digit 2Q earnings increase
FRANKLIN LAKES, N.J. Medco Health Solutions experienced a 34.2 percent increase in earnings per share for the second quarter of the year, the pharmacy benefit manager reported Thursday.
Medco earned 51 cents a share, compared to 38 cents during the same period last year. The increased earnings resulted from increased sales across the company, including Accredo Health Group.
“This quarter, Medco demonstrated that strong execution around fundamentals of our business on behalf of our customers continues to drive outstanding earnings performance for our shareholders,” Chairman and chief executive officer David Snow Jr. said. “Beyond the quarter, our business strategy fueled extremely strong sales results and industry-leading customer retention rates.”
Medco earned net revenues of more than $44 billion last year.
CVS raises $4.4 million for ALS research in three weeks
WOONSOCKET, R.I. CVS announced on Friday that it has raised a record-breaking $4.4 million in 21 days through its annual in-store fundraising campaign in June for amyotrophic lateral sclerosis research. This marked the seventh year of the annual effort which, to date, has raised more than $15 million for ALS research.
The official check presentation will take place prior to the Boston Red Sox vs. Yankees game at Fenway Park Friday evening. Tom Ryan, chairman, president and chief executive officer of CVS Caremark, will participate in the check presentation. Expected to join is Red Sox pitcher Mike Timlin.
“We could not be more thrilled with the support from CVS/pharmacy customers for ALS research this year and for the past several years,” stated Jon Roberts, senior vice president and chief information officer of CVS Caremark. “Our CVS/pharmacy customers demonstrated tremendous generosity in recognizing the need for fundraising for ALS research and we are extremely grateful for their support.”
Roberts served as an honorary co-chair of this year’s fundraising campaign with Jeanne Bouley, a former CVS employee and ALS patient.
ALS is a disorder in which there is progressive degeneration of motor nerves in the brain and spinal cord leading to paralysis and death, typically within three to five years. There is no known cause or cure for ALS, which affects 25,000 Americans, with 5,000 new cases diagnosed each year.