The rumor is that pensions are going to be frozen by the November 13 analyst meeting. No specifics yet but it appears ready to happen.
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Getting rid of the company cars but are they executives being compensated in another way to offset that loss (I.e. More stock options every year instead of a car)
Getting shafted goes together with big business like ham 'n eggs.
Rioting? They know they can just run over all of us and we will either s--- it up and drive on like we always have, or self deport from the company. Either way, they win.
Well they certainly wouldn't leave existing please with less benefits then what current employees get so at a minimum they would replace it with that or there would be rioting. Also John Flannery announced in his last update that they are getting rid of the company cars for all senior executives... not that I think it makes much of a difference.
Why do they need to replace anything ? It is GE; they can do whatever they freaking want and they know it. This should be no surprise. The a$$ clowns have an underfunded pension plan because they like to cook the books on earnings and cash flow s---s. So, get rid of the obligation. So the 100,000 dollar question; What are the executives giving up? It sure is not stock options, company car, country club membership. How does the CEO JF get back and forth from his Nantucket house to Boston? He sure ain't taking a ferry! Private jet ...oh but it is not the corporate jet. Get real people. The buck stops with him. Hold this joker responsible for his own spending. Call his A$$ out shareholders ! GE needs to stop wasting money on these A$$ clowns at the top.
Anyone heaard anything about a layoff in appliances?
Wow that will have a massive impact on the workforce. I really hope this rumor doesn't happen. I assume they would have to replace it with something... Perhaps similar to what non pension employees have today?
http://www.pensionrights.org/publications/fact-sheet/pension-freezes