The company will not be matching 401k contributions for 2021 in the US. Email just went out from corporate.
19 replies (most recent on top)
Don't ever expect to see a company match of the 401K again. Last year when Xerox "suspended" the 401K match for 2020 I emailed HR and was assured they fully intended to reinstate the match in 2021. Obviously lies. Many companies are doing away with the 401K match and I'm convinced Xerox is doing the same. Don't trust anything management tells you unless they tell you your services are no longer needed. Fortunately I won't have to worry much longer as I will be retiring within a year. They would be doing me a favor by letting me go.
people have been here over 3 years with no raise, increased workload and now overtime is suspended.
Customers complain constantly and we can't do a thing about it.
Looking to get out of here and no remote work for any of us. Guess the majority of people who are underpaid and overworked and have gone to work every single day during this pandemic are not considered "hero's". Xerox certainly doesn't think so.
people have been here over 3 years with no raise, increased workload and now overtime is suspended.
Customers complain constantly and we can't do a thing about it.
Looking to get out of here and no remote work for any of us. Guess the majority of people who are underpaid and overworked and have gone to work every single day during this pandemic are not considered "hero's". Xerox certainly doesn't think so.
They are not regulating our heat/cooling and do not provide masks or any sanitizers here, yet we are expected to complete a health form every day. They don't give raises, match 401K and we are supposed to be grateful.
Anyone that does not get that this was X-rox's intention from day one of announcing the change to a year end match, is delusional (not meaning to be mean/rude). They were never going to match last years plan (used the health coverage as an out) on and now they are not even trying to cover it up. Highly doubt it will ever come back, but am working on not being here to find out.
Been in the plans since 2018. They put that in some union contracts in 2018.
@1xst+1a8lnNSG and in the US, a pension plan goes insolvent and US taxpayers are on the hook. In Europe, especially the UK, if a pension plan goes insolvent, the government takes the company (or UK legal entity in the case of a global company) and uses company assets to pay for the plan’s obligations. In other words, current ownership loses control and their money. That would not make Carl happy, especially as he went through it before with Federal-Mogul.
2021 goals - give minimal effort
@1xst+1a8lnNSG, Severance laws in most euro countries vs nil in US? Have to keep em happy or package em out.
How come we can find $130 Million for funding a Pension plan that is no longer offered in US - of which $100 Million went to European plans (and now we get zip in US)? We can't support for two years now the self-saving retirement efforts of hardworking (younger) Xerox US employees. I don't get it?
Savage Post:
Everyone needs to hit the brakes on work effort. I would say leave out a piece of cod3 here, a screw there. Let the whole damn place fall apart. You stab my back and I'll stab yours!
Employees needs and feelings don’t count for much inside Xerox ..
We need to sacrifice?
As in more? GTH
We need to sacrifice but im sure they plan to blow money on buybacks and dividends.
Knock Knock- WAKE UP!!
The ship you are on is sinking, and the life boats are almost full.
But seriously, does this news seriously surprise anyone who is still working for Xerox?
If you thought this company was going to turn the corner.. cancelling 2021 401k Match in MARCH should be your final wake up call.
If you haven’t lined up an interview or dusted off your resume.. buckle up.
@mte+1a8lnNSG Didnt this news come out in dec?
No! We got cheated out of 2020 401K match and now we're being cheated out of 2021 match.
This is a new kick to the teeth from Carl and John.
Seriously, make them pay dearly for their greed!
Didnt this news come out in dec?
Everyone needs to hit the brakes on work effort. I would say leave out a piece of cod3 here, a screw there. Let the whole damn place fall apart. You stab my back and I'll stab yours!
A holes are not matching our defined contribution pension plans in Canada either. How can Xeroids justify this after getting USA and Canadian governmental monetary help.