Thread regarding Enbridge Inc. layoffs

Is Al acting on his own or is he a puppet of the board? Why are the pension change details so unclear? Does anyone have concrete info?

I get the feeling that ELT only wants Enbridge to last another four or five years, when they have all retired, at which point whoever is in charge (some hedge fund or private equity manager) will sell it off in pieces. Much easier to do when you don’t have an expensive, indexed pension hanging over your head,

By messing with my pension (I am below the director level), ELT has broken a sacred trust with me. Because I need this job, I will continue doing it. But I no longer am giving the company my heart. ELT won’t understand what that means until they do, then they’ll really get it.

Will any groups in liquids pipelines be affected by layoffs? Or just shared service like IT, SCM, finance etc

I will start trusting the ELT again once the stock price shoots back up to $70 again and we get another stock split. It is apparent that whatever it is they are doing is not working. It's lost more than 10% since the Spectra acquisition. Maybe, another 2000 employees laid off will do the trick ?

Heck! I'd be happy just to see the priveledged Canadians share the pain of 8 lost paid days off.

Thanks for the 3% pay cut, AM!

Let's demand transparency on this. Directors, VP, ELT... whats their 'new deal'?

I have worked for Enbridge for over 20 years and I have to admit that I am now very anxious about our leadership and the decisions being made to benefits. We are all paying the price as employees for a failed promise of the talked up synergies that aren't materializing following the merger. You can blame some MBa inhuman propeller head in Calgary for that decision.

For those that haven't done the math, the financial impact of the decision to change the pension system cannot be understated on employees. Inflation will continue to march on, but your pension will be fixed. I've run my numbers and the impact has killed my allegiance to the Company. If you are midway in your career, you must understand this change. There is a reason why it has been said that compound interest, like inflation, is the eighth wonder of the world.

There are a great deal of talented people remaining, but the employees being treated as expendable financial punching bags must stop. We were a great company, then a good company but we are just clinging to that label now.

Let's see the ELT equally share in the austerity measures, if they genuinely want to confirm they are serious about all hands on the financial deck. Perhaps then employees would begin to trust the leadership again.

I don’t know where we went wrong

But the feeling’s gone

And I just can’t get it back.

Integrity left the building some time ago, I’m afraid. Unfortunately for me, I still remember what it felt like, which is why I’m so angry these days.

https://ispot.tv/a/wOb9

The harder you work, the nicer the vacation your boss goes on.

Unbelievable amount of anger within Enbridge!

We heard the same crap from GE before he sold us out to the ELT. Official Executive motto, ‘I’m in the lifeboat, pull up the ladder.”

Thanks to the clowns in ELT, Enbridge is now a world class joke. I’m watching it fall and it hurts.

So, anonymous ELT member, you work hard but no else does?

Why would we give up our hard earned bonuses and distribute them to the employees? The employees are responsible to perform and produce profits if you did that we wouldn't have this problem. The ELT is working hard to be strong and respectable leadership to bring us into the future but we need everyone to quit slinging false facts and negativity and being rowing in the same direction as us. Change is never easy but we are one team with one purpose and together everyone achieves more. Let's forgo the villianization of the ELT and instead put our trust in them. They work hard to earn their compensation and are on the front lines of making Enbridge the great world class organization it is.

If the ELT are such good people, why are they not seeing a benefit reduction? They are more like pennywise the clown s---ing us down into the sewer. I'd believe they are good if they gave up their bonuses and distributed them to employees.

NOT interested in actual genocide! Although feels like they’re leading lambs to slaughter.

Well put. I have noticed the efforts already underway to intimidate and silence employees.

While I’m pretty sure most of the ELT members are interested in actual genocide, they will take advantage of most of the employees in whatever way they can.

Keep your wits about you.

They want what is best for themselves and institutional shareholders.

The ELT and RDO want you to "commit to not spreading negativity" and to trust they have your best interests at heart - after millions in golden parachutes paid to execs and thousands of workers laid off. Now they are slashing benefits for those who remain. Will salaries be next?

First they came for the Socialists, and I did not speak out—

Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out—

Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out—

Because I was not a Jew.

Then they came for me—and there was no one left to speak for me.

The only thing necessary for the triumph of evil is that good men do nothing.

Yes people. Just turn off your brains and trust your leaders. They know what’s best for you.

Was Hitler a good person too?

E= everyone achieving a great company when we commit to not spreading negativity and working hard to making Enbridge the company we know it can be. Don't get caught up in the gossip, trust your ELT and RDO. They are good people and want the best for you all.

E = Empty Promises

E = ELT Enrichment

New employees, at any level, won’t even be offered DB pensions from now on.

And with the new changes to the pension formula, current employees (below director level) with existing DB pensions are now paying for two-thirds of the cost of their pensions out of their own salaries (100 percent of the DB pensions used to be funded by Enbridge).

And employees who were due to receive indexed pensions in a few years have been laid off, reducing Enbridge’s pension burden.

So, who’s actually paying for the Spectra acquisition? Employees beneath the director level and employees who have been laid off.

E = Exploited.

The leaders on 32 will all retire within five years (unless Al gets fired first, which is a distinct possibility). They’ll be just fine. Will you?

No wonder no one feels like working.

You check the OEB website for info that EGD submitted on the costs of pension and benefits. Looks ike 2018 is forecast to go down by $5.4 million due to the changes - i.e. reduced compensation to employees.

Also in there is, the company increased the assumed return for the general employee pension (increasing the risk while reducing the company's required contribution) - but, the executive pensions where not changed at all.....even though they have a much lower assumed return already.

Execs screwing the employees.

Ouch. At least Al can take advantage of the Employee Assistance Program to get some help dealing with that harshness.

Telling, very telling.

Don't talk about my son that way you jackazz. I am proud of him

I can’t help but wonder what AM’s mother would think of his current behaviour. Would she be proud of the way he’s treating people?

In the case of Sears Canada, cash that should have been used to fund the employee pension plan was used instead to pay out dividends to key investors. The result is that the Sears Canada pension fund has a $270 million deficit, meaning that retirees won’t get the pensions owed them.

As of December 2016, Enbridge required almost $2,800 million to meet its obligations to current and future retirees, but was short almost $400 million.

Given the falling stock price, AM may choose to use Enbridge’s cash from operations to increase dividends, rather than to rectify the pension fund deficit, leaving current and future retirees vulnerable.

I hope this doesn’t happen, but I fear that AM doesn’t care about employees and his ethics scare me.

Can you explain more?