Next to nothing for wage increases this contract and it will be eliminated by the rise of healthcare insurance increases. No more double time pay and OT pay will start after 40 hours. The hefty 401k plan will be cut to $,25 on the dollar for the first 3%. Union negotiators are eating up GE’s pile they are serving. Leading them on to believe that the layoffs are done for Power. The $1.6 billion in cuts is not over yet. After it passes 3 to 1 like always there will be More Layoffs for Power. How would you vote?
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Apparently the GE bank is still open if you’re a GE board member, check out recent SEC filings and see the phantom stock bonuses given out. If they can afford to do that, they can certainly afford a decent contract.
This post was pretty close to our contract offer. The only part I am waiting for is the strike part. Dam this person is dam good.
STRIKE!!! Strike hard!! Strike fast!!! Strike long!!! Strike deep!!! I'm ready for this fight!!!
As a loyal employee for a part of the business which was sold after being part of the company since its founding, I can tell you that the company only thinks about its short term interests and will do anything including selling off your part of the company if the profitability drops.
The UE and the Transportation division who were sold to WabTech after the company built the Texas plant can confirm the company’s resolve to be anti-union and go far as to sell entire business divisions.
Even if you don’t get everything you wanted because of the strike, it sets the tone going forward for future contracts, a strike will damage the company more than the workers. And if they move the work elsewhere then they move it, if we’re not going to fight for a fair contract then this job isn’t worth having in the first place.
@ZFXxaHL-ynh, I think your right! Let um go its only way to clean the wound, The math is usually involves union workers feeling good about striking, an emotional play where they never get the $'s back they lose when striking and the company gets 90% + of what they want.
I get it, dads of current union workers had a better than the next generation. Its called globalization! Its real, embrace it. Get the best deal you can given the current market realities. This ain't your daddy's GE anymore.
The investment bankers at JPM are hoping for a strike so the stock drops to their $5. Management needs to realize that they can not push things too far or else their stock compensation will take a hit.
I smell a Strike Coming On.
About healthcare there are many companies big and small who have no deductible,$600.00 a yr, $1000 a year plans. There are some companies paying 14.5% in a 401k. There are companies who give out yearly raises and bonuses quarterly, bi quarterly and yearly. I guess the ratification bonus of 2015-2019 must of been our boner for that last contract. I can not wait and see what my $785 a year in dues earns me. Probably a change in the provisions of OT, higher healthcare costs, and most of all second tier pay scale union members get no advance in pay as usual. I guess the only thing we will get after this contract passes 3 to 1 is more pink slips and plant closings. Power be very aware of what will hit the fan after this contract passes.
The people who made these bad decisions should take the hair cut. This is what happens when a 39 year old home wrecker runs Power.
@ZFXxaHL-ggp If the company would come up with a flat rate formula for pensions, based on your rate and years of service, there would not be a need for people to work overtime, therefore it wouldn’t be an issue. Employees could more easily now what to expect for a pension. But since the current pension formula is based on your high 3, that’s the financial impact that is most important. There is also significant financial impact if you let the company keep taking what past union members fought for, just my 2 cents. As far as medical rates going up, it may have to do with the bribes GE and other companies are paying as part of doing business in foreign countries.
Strike is this T Rates Vote
A strike will be very damaging to the company, it’s the only way to get even a mediocre contract as this point.
Totally agree with the OT rule change. Since GE is self insured for medical expenses you have to ask why the rates are going up faster than the rate of medical care (not insurance %). Make sure you understand the financial impact of going out on strike. You will find that you will never make up the wages lost in the long run.
Company value loss since 2001...... $600 BILLION
I-Melt Golden Parachute ......$211 MILLION
Larrys potential windfall.......300 MILLION +
Union Solidarity .........PRICELESS
The only way to make them see the light is sticking together......what’s the chance of that happening?