Now, another screw tightening with 3% GE contribution to 401K now occurring 1 time per year in 2018 .
Another cost out idea that someone was compensated for.
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My department manager stopped approving above and beyond rewards, even for those employees that hadn’t reached the $500 yearly maximum. Just add it to the list of reasons to find a new job...
Oh, hey Legacy GE folks, us legacy Alstom folks have to wait until Jan 2018 (if we make it till then) to get paid balance owed on frozen vacation time that was in the accrual bank. I have approx 200 hrs that has been frozen for 2 yrs.
Also remember they capped the "Above and Beyond" awards to $600 max per year. I used to get these along the year and get $1000 or so in Amazon cards. Now it should be called "Behind and Inside" because that's what you're getting now. Bend over.
Heard it only impacts employees who joined after 2011. My guess is the money saved or interest earned on the savings will be used to prop up cash flow, the underfunded pension, or both.
Is this 3% change applicable to employees with the Pension Plan or just folks after 2011.
GE considers us "at will" employees. With that, so is compensation.. October will be interesting. Rumors afoot. A stinky one at that.
On the bright side, the cuts to the life insurance benefit mean I won't be worth more dead than alive anymore.
The new healthcare plans are just stupid...people who didnt have premium dental and vision plans are seeing 50-60% increase in premium. Decision to just have one dental and vision plans with high premium is penalizing employees who didnt really need the premium plans.
Instead of pension, employees who joined after 2011 get a 3% retirement contribution to 401k. According to the new change, if you are employed all year at GE, the 3% contribution would be made to your account next year as a lump sum rather than the biweekly contribution with paycheck . If the employee leaves GE anytime before December 15 of that year, he/she forgoes the entire contribution for that year.
I too didnt see this announcement or may b i missed
With all the Integrity policies and training we get, where is the policy that says we will treat our employees fairly and with integrity? True leadership would be to focus on growing the company without taking away more from the employees. Give employees the same care as you claim to do to your stock holders. GE will lose a lot of talent this year that they will not recover from if they want to compete technologically with the rest of the world. Management needs to stop focusing on laying everyone off and start focusing on producing technology the world will pay for. Otherwise there is not going to be a GE to lead in the "digital industrial world"
what a joke...if this is true ...only making one payment per year. You all need to form a union. Enough is a enough.
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eliminate pensions for new people
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earn as you go vacation
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bone job everyone on benefits, healthcare..ouch , you can buy HC cheaper on market
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bone pensioners on benefits and healthcare
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eliminate vacation all together (oh, you have unlimited vacation) ..B.S,
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Make a one time company match in 401K per year
Why don't you pay them to work there ....?? WTF
@hak - analytical. People like you keep GE afloat.
Whine, whine, whine. Do you people actually do any work? Why don't you get an education and stop complaining.
I got a 20% increase ($224) just in medical benefit payroll contribution costs. Adding in new payroll contributions for dental ($648) and vision ($414), I get $1286 in increased upfront costs for 2018, an increase of more than double what I paid in upfront payroll contributions for this year (a 112% increase YOY) . Note that this does not even include the added deductible on vision and dental. When the rest of the headcounts figure this out, expect morale and productivity to plummet further!
With dental my total went up about 350 USD... are you reading tables correctly?
When will this stop?
But hey you can work all the "casual " overtime you want to get the yield numbers up, or " run it like you own it" and sacrifice so you can get a 1.5% e.o.p. No matter how hard you work. But the EB's will get bonuses for making bad decisions.
Med figures are available to employees in the benefits.ge.com website with login. The 50%+ is with the NEW contribution for dental and vision.
@Put58dS-zvl, where are you hearing 50% increase in medical? I heard increase but no numbers around it.
Don't forget, you need to stay through the whole year to get the 3% breadcrumbs as well. Healthcare annual enrollment also has come. $1062 new charges for dental and vision + substantial increase in med. Company doesn't realize they need workers to make money. The young ones are not going to be able to afford to leave. Engineers are getting calls from head hunters multiple times per week. GE management needs to pull their heads out of the a$$. So far we have a trifecta this year of GE gorking the employee to raise cash. 1. Change the pay schedule such that 1 week of pay is "loaned" to the company until you quit. 2. Massive (50%+) increase in medical for 2018. 3. No need to fund the 3% adder for those without pension to the 401K. Feeling like tiny Tim here. Please sir, may I have another.
Well, looks like the RSP was being mismanaged anyway. Screwed no matter what... https://finance.yahoo.com/news/sanford-heisler-sharp-files-700-160900576.html
Where was this announcement posted?