Are our benefits safe or can we expect changes there as well?
10 replies (most recent on top)
If they can find a way to shift the cost of benefits to further enrich WP and his crack team of Wall Street losers, they will do it. Employees are disposable and replaceable assets in the new USAA. USAA is now no different than any other big publicly traded corporate American 💩 hole.
I agree with a comment about the 401k match, what better way to save money than drop from 8% to “industry” average 4-6% match. They already reduced shift differential from 30% to 15%, and it wouldn’t shock me the least if they drop it to the “industry” standard 10%. Remember folks, these are the company executives who stated back at the Aug 2021 employee meeting that we “over invested” in our employees.
Where have you worked that has had better benefits? I have worked for two major banks and have seen nothing this good.
This is not WP. I can’t stand his lies. I am disgruntled AF too but just am confused by your comment.
Here are some potentials I can think of (to be clear, these are only guesses... I don't have any insider info):
- Reduction in 401k match to something like 6%
- Increasing the 401k vesting period
- Reduction in PTO
- Restrictions on PTO including a waiting period for new hires' PTO (as of now, someone could theoretically start today, go to NEO, then immediately take 5 weeks of PTO, then quit)
- Increase in insurance premiums and/or reduction in what's covered by changing the health insurance formulary
- Pension cuts
- Reduction in maternity/paternity leave
- Reduction or elimination of the education benefit
- Re-instituting a bi-weekly fee to use the gyms
I also wouldn't be surprised if we get a partial or no Christmas bonus this year. I do think (or at least hope) this would be harder to justify given the fact that the annual score card is mostly green this year, but who knows.
One thing I could see happening, though, is some form of student loan repayment/assistance. Only reason I think this could be on the table is that a law was recently passed that allows employers to tax deduct those types of payments, similar to the education benefit and 401k match.
Wayne and his cronies will continue to slowly raise the temperature on us frogs until we're all boiled alive. And most will be too scared to speak up because they don't want to be let go, written up, or otherwise rock the boat in this uncertain job market.
He's fine cutting into employees livelihoods, job stability, benefits, and the like if it means he gets to get another 157% raise. Then he has the audacity to get up on stage at the employee meeting and tell us how we need to be respectful of each other. What a joke.
Guaranteed they will change. Decisions on how are under review now.
I'm sure they're going to tell us they've overinvested in the employees again and slash something or make health insurance more expensive.
Nothing is safe.
If you want to feel depressed about how much has already been taken away - and what that says about how much they might still take away - read up on the old pension benefit. The details are still available in the pension documentation links. You could actually retire at a reasonable age with a pension like that!
the benefits really aren't that great anyways.
How are your benefits going to be safe when you get let go because of Executives Management's incompetency?
Best case scenario they stay the same but it's more likely a question of what else they decide to chip away at this year.