Thread regarding Allstate Corp. layoffs

Regarding the "free work week" in 2020...

Regarding the "free work week" in 2020, this copied from another thread on the topic, but basically every exempt employee is working one week for free in 2020, with the understanding that the week will be repaid back to them someday in the future when they leave the company.

"Let's assume you are an exempt employee. You have an agreement to work for Allstate in exchange for an annual salary of a certain amount. Allstate can break that annual amount up into any number of payments throughout the year (currently 26), but at the end of the year your W2 should show that you were paid the annual salary you agreed to.

In 2020, Allstate has decided to take away one week of pay (justifying it with some accounting mumbo jumbo), with the promise to pay it back when you retire or otherwise leave the company. Your 2020 W2 will show that you were not paid the full annual salary you agreed to; it will be one week of pay less. Allstate has then reneged on your agreement because they are big and bad and can get away with it, and there is no other way to spin it.

When one person takes money from another person with the promise to repay the money at some point in the future, that is the definition of a loan. So, all exempt employees are going to give Allstate a loan of one week of pay next year, which Allstate will keep interest-free for as long as you work for Allstate."

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Post ID: @10SinlhH

3 replies (most recent on top)

And the longer you work the more depreciated your 2020 dollars will be esp if you are subject to a pay freeze with the new banding nonsense HR rolled out based on an “industry comparison” they will not share. Time value of money 101. Transparency is a corporate value is lip service. Any research that’s defendable is subject to peer review hiding the ball is underhanded and the free week is accting book cooking.

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Post ID: @10SinlhH-lugm

Free work week for those who have a job by then!! With all the huge budget cuts, RIFS, aggressive offshoring, VRS to Northbrook employees etc by and in 2020, Good luck.

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Post ID: @10SinlhH-1lpc

So glad that my job is going to ANI and I will not be here in 2020!!

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Post ID: @10SinlhH-1fwp

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