We don’t want to pay their pensions. Warning to younger employees: Al will find a way to take your pensions away too. He’s already been chipping away at them.
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Yes. I was laid off last year because I was a long term employee who was getting too expensive to keep around.
Directors and up have their own pension plan. Go on Elink and search for "senior management" and you will see.
As for YOUR pension plan - it is already underfunded. But the dividend payout to shareholders keeps going up. This is so "the senior management" can save their pension and bonuses, based on stock price and protect their "senior management" pension.
Check out these links and you will see how many millions in hole your "non-senior management" pension plan is. If you are Canadian, contact your MP about changes to policy and prevent what happened to Nortel, Air Canada, and Sears employees from happening again.
https://www.thestar.com/business/2017/11/21/companies-should-have-to-pay-pension-funds-before-shareholders-report.html
https://www.policyalternatives.ca/lionsshare
Yeah, I thought that was supposed to be illegal.
An employee’s proximity to retirement age and his or her relative cost to the company (in terms of salary, benefits, STIP, LTIP and pension) are the two biggest factors that HR considers when determining who to lay off.
Factors such as performance, potential and dedication aren’t even on their radar.
The goal is to cut costs. Period.
Well, what goes around does eventually come around. Al and ELT will find out that it doesn’t pay to treat employees in this manner.
This!