What would the average salary be for manager level 5?
I ask because my friend’s son, at that level, is telling her he needs to borrow money from her IRA because they are cutting his hours 20%. She is retired and should not be asked to do this.
15 replies (most recent on top)
I know this is an older post, but I’m guessing the 20% cut was the deferment that management took. Of course this was paid back in October, but I’m sure they were nervous because of this.
Needs to look successful............ huh?
Sounds like a bar stool case.
In line to be a VP. HA now's that's funny. Typical Ford culture.
@1lzk+14R6I5bm glad we could help. Just concerned that this story is real. Look successful? Yeah I have heard of the requirement they live in the Bloomfields. In line to be a Vice President, yikes. Have to borrow from his Mama to maintain his affluent lifestyle to show off, double yikes.
Thank you, my friend really appreciated this information, she had no idea. She is refusing the loan. You must all know her son. She plans to tell him to sell the mansion to get rid of the million dollar mortgage, give up the two leased Lincolns and buy a used car, sell the Boat so he doesn’t have to pay for the slip, and they can move into her 3 bedroom house until they recover financially. He claims he is in line to be a VP, so he needs to look successful. She really wants to believe him.
@1fop+14R6I5bm most people do what you do. The point is the original post. I think Ford gives these LL5+ a false sense of security; like they are something special. Sure they know the game well but that is within the confines of Ford. The rest of the world/industry could care less about what a leader does at Ford. If Ford was a top dog like it was 30 years ago; might mean something to another company. Now you need not look further than the latest recall, financial losses, and constant churn in the company to think "would i want to bring that culture into my company?" It's no wonder the other post below talking about an SRD'd LL5. They offer no unique skills other than they were " leaders" at a company in a death spiral.
Not all LLs live beyond their means. I’m a LL6 who lives in a moderate house, doesn’t take expensive vacations, contributes nicely to my 401K and has a healthy emergency fund. There are no second homes or boats. I was also able able to save, and pay for, most of my kid’s college. Some people will live well beyond their means regardless of their income although you would expect an educated person to learn a bit about personal finances.
In my case it’s my mom who was financially irresponsible, blew all her money, and was always hitting me up for handouts. She refused to adjust her spending or move into a home she could afford so I stopped the handouts. I believe you should help family if you’re able but you shouldn’t risk your own long term security helping people who continue to make bad decisions. Sometimes you have to allow people to learn from their bad decisions.
A number of the LL5 who were SRD before they hit age 55 or 30 years at Ford found themselves in a world of hurt. Despite making 175k a year they had no savings. One had a million dollar house in Michigan with a hefty mortgage and a condo in Florida with a hefty mortgage. Two lease cars that had to be returned on termination. A fancy boat at the yacht club. This LL5 was counting on the pension so did not contribute to 401k. The LL5 has been trying to sell their houses since the SRD. The LL5 has been unable to find other employment and has been selling off everything they acquired to try to stay afloat.
It is surprisingly common for LL crowd to live large and count on a pension check for old age. If they make it to 30 years in then they are set.
The mother should let her son reap the rewards of his finances so he learns a lesson.
Fake news, this reads like a tabloid.
His mom should tell him no, then cut him out of her will for trying to scam her. An LL5 should have a sizable savings and 401k of their own and be able to easily handle a 20 percent cut. If he is so in debt that they have to raid their mom's IRA - drop the Lincoln lease cars, sell the McMansion, and he might have to live amongst the GSRs, gasp.
This story doesn't even sound right. An LL5 would be salaried, not hourly. Contract people did have their hours cut 20% but they are not management. Have not heard that Ford people had their salaries cut unless of course they were red circled as part of the SRD. Those people will have their salaries cut at the end of the month when they lose whatever level they are being dropped to if their current pay is over that levels maximum.
170 - 180k and bonus could equal salary. That there is highway robbery.
There isn't one in our business unit worth that by a long shot. They play the role up but it's way more sizzle than stake.
No fooling this ombre.
There is a wide range of salaries in each pay band. The bands overlap in pay.
The LL6 pay ranges to 170s. 170-180 would be an average LL5 salary as most LL5 are promoted to midpoint salary of LL5. LL5 bonus can exceed their salary.
The mother should not give her son any money. She should tell him to take a 401k loan instead of dipping into her IRA. She should tell him she will pay for a financial literacy class for him, but will not give him any money.
There is no 20% drop for any Ford full time employee at the moment. He is trying to pull a fast one on his mother. Typical LL5 behaviour.
They make at least $150k-160k per year. Plus a decent sized bonus sometimes like $40-50k. This guy must be living high on the foot (or divorced with kids). One of those Beck Rd McMansions with the two A/C units. Probably got the kids in travel sports/dance. If the 20% reduction is true, scale back on the luxury items. Should not need to borrow from someone on a fixed income. Why am I not surprised?Most of them can't manage a department let alone personal finances.