IBM hacks into chip peoples' pay
Poor reward for record revenue
Bunny people working at IBM's US chip plants face tough times.
IBM has confirmed reports that it will cut the pay of 3,500 assembly line workers at New York factories in East Fishkill and Poughkeepsie and another factory in Vermont. The workers will see their wages drop 10 per cent. Next year, shift employees will also lose out on 20 per cent premiums earned for working seven 12-hour days over the course of two weeks.
"We are making this change to improve our competitiveness and to ensure our pay practices and cost structure are competitive with other companies in our industry," an IBM spokesman told the Times Herald-Record .
News of the revamped pay structure was not received well by Alliance@IBM worker representatives, who pointed to IBM's stunning second quarter results issued last month.
"It is unacceptable that IBM slashes the pay of employees while IBM posts record profits and gives the executives double-digit pay raises," Lee Conrad, national coordinator of Alliance@IBM, told the paper. "IBM is able to do this because there is no union contract with employees that would negotiate such a drastic move as a pay cut." ®
IBM-at it again
I remember the way IBM behaved in the eighties,when it was on top of the PC industry. It controlled everything and Microsoft was very smallfry .
They were considered as a bully , much as MS is now by many.
A monopolist and all that.
They are out of the PC market but big in the other fields of computing, and just like most American Corporations- a bunch of greedy shits.
As AC who wrote "well, if they wanted" correctly hinted at,
if they really wanted to maximize savings and shareholder equity, they'd start slashing entire levels of the varying layers of executive management. How many divisional VP's do one company need anyway? Keeping in mind that all of these bozo's also have executive staff's, and layers of management whose only purposes in life are to insulate the upper management from the assembly line workers. That's corporate waste and taking money out of the share holders pockets, if you ask me.
If the upper echelon of IBM were to collectively take a 15% across the board pay cut, it would probably save the company hundreds of millions of dollars a year. If they're going to start dicking around with pay cuts, make it across the board and have it impact EVERYBODY, instead of targeting the hourly folks. Hell, it's probably have a more positive effect than moving several plants to SE Asia.
Move along gents, nothing to see here
Multinational executive pulling in grotesque bonuses on obscene pay at the expense of employees and stock holders is nothing new in this Brave New corporate America.