Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

Social Security

The Social Security trust fund most Americans rely on at least partly for their retirement will run out of money in 12 years, one year sooner than expected, according to an annual government report.

COVID is the reason.

This threatens to shrink retirement payments and increase health care costs for Americans in old age soon than expected.

Southwest Airlines

Southwest Airlines pilots have sued the airline, alleging that the carrier has been making unilateral changes to working conditions, including no longer paying them during quarantine following COVID-19 exposure.

Tensions between Southwest and some of its labor groups have flared during the pandemic.

Starbucks

Unions are trying to form at some Starbucks stores.

Starbucks is promising to “directly” addressing employee concerns after workers at three Buffalo-area shops filed petitions with the National Labor Relations Board asking for a vote on union representation.

They are concerned about understaffing, unpredictable scheduling and insufficient training.

Starbucks does not have any unions at its more than 8,000 company-owned stores in the U.S.

Chip shortage

Unfinished tractors and pickup trucks are piling up as components run short.

Shortages of mechanical parts, commodity materials and electronic components containing semiconductor chips have been disrupting manufacturing across multiple industries for months.