With all that cash flowing out in dividends and stock buy backs, how about doing the right thing and paying back your employees for suspending the 401k match? Sure would be a sign of good faith in “valuing” your employees that you love to say ad nauseam. Actions speak louder than words you tools. I used to be proud of working for ExxonMobil, but now corporate is just an embarrassment. So glad I’ve got only a couple years to retirement.
16 replies (most recent on top)
The boss cut the contribution so employees would feel the pain. But the dividend wasn’t cut. No conflict of interest there. And great time to buyback stock. When it’s so cheap.
Stock buybacks reduce number of shares in circulation with absolute zero effect on share price thus reduces the value of the company.
Seems equal to just burning that cash.
Change my mind.
Take the money that was not matched in your 401K during it's suspension and add 4% compound interest over twenty years. It is not an insignificant amount of money toward your 401K retirement plans.
It is always better to be a stockholder than an employee. Stockholder dividends and buybacks are more important to our corporation than employee matching 401K's.
Eliminating matching 401k contributions in 2021 was a way of encouraging employees to quit or retire. Guess what? It worked.
Some of your 401k contributions went to my new jet.
Thanks DW
Op is right. Why not give back what they stole from us? I retired ASAP for many of the things they were doing to us, but taking the money they agreed to match in the 410k was one of the things that P'd me off the most.
Not only reimbursement but the gains from contributing at all time lows til now, easy additional 50-100%
That's why I'm getting even by my value extraction methodology - opening the laptop at home, and walking away to do other things. Collect the paycheck and provide no time commitment.
I recommend those of you who can work from home do the same.
At this point I'd be cool with just having a desk.
@efr I thought the UK had stronger protections for workers. Is that just another part of the social contract the Tories tore up for the sake of tearing it up?
It could be worse, you could be on uk payroll where none of the benefits taken away were reinstated, let alone reimbursed.
@egn+1mXuhqqX Nicely said… poetic, almost.
In my country a saying goes “there's no love, only proof of love”.
EM has in the recent past demonstrated how much they care about its employees, i.e. not much, in spite of the official speech.
The company's priority is first and foremost to satisfy the shareholders' interests. The rest is just the foam atop the wave.
Never going to happen. Let it go. How would the even do it? What about the folks that have left/retired since then? What about folks that dropped their % that year and invested elsewhere? It would trigger lawsuits galore.
@reg,
Learn to write a sentence before posting. Now, go stand in the PIP line.
Get over it an stop lingering in the past.