The Wall Street Journal is reporting that FedEx is "... cutting nonunion workers' salaries by 5% and plans deeper cuts for CEO Frederick W. Smith and senior executives, citing "some of the worst economic conditions" in the company's history. It is also eliminating bonuses and suspending company matching for its 401(k) plan."
I can only wonder if the Detroit 3 have made similar decisions before going to the American taxpayer with their hands out.
Maggie,
ReplyDeleteCome to think of it, the same thing might also work for the City of Toledo!
A temporary reduction in pay and letting the employees pay part of/all of their own match for their pensions.
The only part that seems different though is that the pension plan of City workers is fully funded, unlike the auto industry.
Disclosure:
(And as for the fully funded pension plan, I (as a recipient) remain truly grateful)... ;-)
The mindset of the auto makers is - IMO - all of nothing is better than some of something.
ReplyDeleteGreed. Pure and simple. And it's an ugly accessory to the American workforce.