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UNFAIR PRACTICES |
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BELOW IS A LETTER FROM A FELLOW ASSOCIATE. THIS LETTER IS EXACTLY AS IT WAS SENT TO US. WE ENCOURAGE ALL ASSOCIATES TO FREELY EXPRESS THEIR OPINION AND MAKE THEIR VOICES HEARD..
I've been with this company for 14 years now and have seen many changes. I clearly remember what I was told as an interviewed employee. In lew of a formal retirement program we would be given a profit sharing program, the same as our counterparts in Japan and they were making more on that program yearly than there salaries and that there salaries where comparable to ours. That, that program would in fact even in the unprofitable years pay a minimum of 5% of our base salaries. In addition, a 401k program to have as a "personal nest egg" that could really make retirement great. Unfortunately that was nothing more than a lie and a "carnie" come-on to draw us in. Well, that was taken away from us and once again we were fed another load of "B.S." using good stock market results to make one believe that the 401k program would be better. Let me tell you - ANY FOOL THAT BASES HIS RETIREMENT ON THE STOCK MARKET WILL RETIRE POOR!!! Had this company set up a straight line
retirement plan there would have been plenty of money to support itself.
We know that there are certain "givens" in this formula.
1. The company policy states that no employee
can retire before 10 years of service and be 55 years old
2. That at 6% of your base salary which is
the amount that the company will match in the 401k, and at 50 cents on the
dollar, that amounts to about $2000 per year per employee, and if that
amount were put into a fund plus the $1500 which represents the so-called
profit sharing figure this would amount to $3500/ employee/
year.
3. We know that no employee could retire
before 10 years so that this fund could not have been touched for the 10
years and at say at the 3rd to 4th year when we became "profitable" this
have been placed into effect. there were about 3000
employees.
If you take 3000 employees x $3500 per year
the fund would have built at the rate of $10,500,00.00 per
year.
If you add the $1500 you were awarded the
first 4 years and multiply the the $10,500,000.00 times 10 years you come
up with a total of $105,006,000.00
If you were to get 10% interest on this money
[ and 10% is modest what could have been earned with this kind of money
and particularly with the high profitability in that time frame] and at
only straight interest, not compounded, you come up with $1,506,000.00
interest per year times 10 years = $15,060,000.00 interest earned or a total of $120,066,000.00 that would have been in the fund
at the end of 10 years.
At 10% interest that figure would amount to
$12,000,000.00 for the 11th year [the year the first year that employees
could start retiring, the interest could have paid out $1000 / retiree /
month to 1000 employees just from the interest!! TELL ME THAT THIS
COMPANY COULDN'T AFFORD THIS !!!!
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WE MUST!!
1. TALK ABOUT THE ISSUES WITH ALL ASSOCIATES!! 2. ENCOURAGE ALL ASSOCIATES TO DISCUSS THE ISSUES WITH EACH OTHER!! 3. UNITE AND ORGANIZE TO FORM OUR UNION SO WE CAN HAVE A LEGAL AND BINDING CONTRACT!! 4. DO OUR JOBS
WE MUST NOT!! 1. WE MUST NOT HARASS THOSE WHO'S OPINION'S DIFFER!! 2. WE MUST NOT DO ANYTHING THAT WILL JEOPARDIZE OR JOBS!! 3. WE MUST NOT DO ANYTHING THAT WILL JEOPARDIZE THE FUTURE OF SIA!! 4. WE MUST NOT LOSE FOCUS ON OUR EFFORTS TO ORGANIZE!! |