Raise your hands if you ever heard someone from management say “salary is not important”.
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No promotions, no merit increases, and no savings match. This hurts all the worker bees, especially those who are young in their careers, as the back end compounding loss is enormous. I don’t expect any of this to change for at least a year, maybe longer. If I were less than 10 years with the company, I would be looking elsewhere.
Pension is great if you make it to the payoff. A 401k is money in your pocket that you can take with you when you eventually get laid off or tired of the company's bs. In the annual 401k presentation they alway show that chart of how the 401k grows mostly linearlyas you start your career and the final years is where it grows exponentially based on your early contributions (or match) . Without a 401k match the company is doing major damage to their employees final balance numbers.
Anyone saying a pension can't be taken away is naive. I've seent it in my younger career and those with 10-15 years of experience were screwed. They lost 10-15 years of opportunity to switch to other companies for increased salary on the promise of one day getting the pension by staying loyal to the company.
With the way things are in the working world now, being tied to one company for your entire career is fantasy. If you stay somewhere for 30 based on the corporate loyalty bs message or the promise of a carrot at the end then that's on you. Personally, I don't count it as income until it's in my pocket.
Only thing that matters is Salary. I don't do deferred work, so what is the point of deferred benefits that now I am not going to get? This is the largest scam of the elite corporations. I would rather like they pay me more now and I can work for them when I am 62. With 401K gone now even that deferred benefit is cut.
@wkk You do realize that a 401k match of 7% is much more valuable of a benefit if you don’t stay with the company for considerably long period of time, right? Based on the way you’ve worded your comment and said “you have a pension” instead of “we have a pension”, I wonder if you even work for the company. And if you do work for the company, I’d expect you to have a better understanding of the pension calculation and realize it’s worth peanuts until you’ve worked for Exxon for 15-20 years. Whereas 7% of your salary invested and compounding over the same amount of time can still be $100s of thousands of dollars if you move to another company.
you guys crying about 401k .... YOU HAVE A PENSION. You are in the top 1% of all employee benefits, go work for a company without good benefits if having a pension s—s so bad.
Never heard management ever say this. Doesn’t seem like anyone is raising their hands.
Your pension contributions are set aside. Thinking it will be gone by the time you can draw it is either willfull ignorance or just plain stupidity on your part.
I would rather have the 401k than the pension. You're guaranteed to get the 401k. The pension is gone for the younger people. Younger generation is going to get double screwed but nobody with any clout cares about younger Gen.
Zero, troll.
401k had to be done.
Stock is headed up as price of crude does.
We get a pension AND we’re getting a matching 401k. That was a sweet deal so I’m not upset they dropped one for now. Rather not have it than the company floundering.
I've never heard any manager say this. Though I did publicly watch the corporation cut the employers contribution to the 401k while also awarding RSU to DW and the board / HiPos.
I have never heard this. However, I have been constantly told that we are being compensated appropriately. I would have agreed, right up until they cut the 401k match.
And frankly, the cutting of the 401k match was much a symbolic sign that employees are nothing to the company...both in the action and how it was announced. A better company would have promised future stock options (to further vest their employees), or at least directly addressed their employees when the benefit was cut. The leak, the email that followed, and the lack of anyone addressing the matter in person was so super slimy. It still is.