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What Your 2% "Raise" Really Means
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<blockquote data-quote="Ricochet1a" data-source="post: 642717" data-attributes="member: 22880"><p>The 401k match is I believe a maximum of 3% of gross for the employee's 5% deduction. Whoopee...</p><p> </p><p>The PPP resulted in career employees that retire before age 50 losing about two thirds of their pension benefit. What was "earned" prior to the traditional pension plan being taken away is locked in, but from that point forward, they are receiving about one-third of the benefit they would've under the traditional plan. The plan "benefits" those that keep on working past age 50 to receive a greater FedEx "contribuition", but not many line employees make it too far past age 50. </p><p> </p><p>Past age 50, the loss compared to the traditional pension plan is about half for each year worked past age 50. For office workers that are able to work till age 65, they come out about even with the traditional pension plan, since the FedEx contribitions don't stop and the percent of gross contributed kicks up to 8% at age 50. This is an obvious design to penalize those who perform the manual aspects of Express and those that sit in the hub offices till age 65 don't take much of a hit. </p><p> </p><p>The traditional pension plan benefited those who put in 25 years and took the physical pounding of the job, allowing them to retire, get a second career and have a respectable retirement starting at age 60. That is quickly disappearing for the line employee. Right now it doesn't show up, since most employees that are retiring are younger than 60 and haven't started drawing. In another 10 to 15 years, when those that were affected by the switch start drawing, they'll realize real quick what they've lost. </p><p> </p><p>They'll look at what they are getting from FedEx for a pension 10-15 years from now, and then do the quick math calculation of 50% of the average high years while working and realize what they've lost. It will be much too late by then. </p><p> </p><p>As a poster pointed out, the PPP give those that have less than 5 years with FedEx something when they leave. I believe this poster worked with FedEx and left prior to having 5 years - meaning he wasn't vested and left with no pension whatsoever. Pensions aren't intended for high turnover employees, they are intended for career employees that form the core of the company and make a career committment to the company. Under the PPP, high turnover part-time employees will leave with $3-4,000. Whoopee. </p><p> </p><p>All of the points made by the UPS employees miss the mark for FedEx employees. The full-time Express employee is making between $38,000 and $50,000. We pay a healthy premium for our benefits. Our pension went from being a good deal to a joke. The 401k matching funds that were intended to "soften" the blow of the decreased pension benefit were withheld for over a year. We had our pay progression that was "promised" frozen. It still won't be the full progression that is promised next year and there is going to be no "catching up" of the lost progression. We're going to lose 10% of our gross each and every year hence forth because of the games Fred and company played with our incomes.</p><p> </p><p>If Express Couriers were grossing $80,000 a year +. we wouldn't have much room to complain. There are Couriers out there busting their tails making less than HALF what the guy or gal in brown is making right now. The misclassified Ground drivers are making about a THIRD of what the people in brown are making - and they are moving the same volume of stuff as UPS is moving. </p><p> </p><p>Because of the morale problems caused by these personnel policies, Express management is resorting more and more to threats of disciplinary action to get things done. "Operational Need" is being brought up more and more as an excuse to toss personnel policies out the door and to have policies that were in effect for years to be outright deleted from the personnel management manual (PEOPLE). </p><p> </p><p> </p><p>That transformation of Express that I wrote about 6 months ago is slowly being implemented. For the Express employees that have been with Express for more than 5 years, look at what is standard operating procedure now and compare that to 5 years ago, a marked and noticible change. You're going to hear "operational need" more and more as an excuse to jerk around your hours, withhold planned pay raises and even to eliminate routes. For those who watched the latest Frontline, they're even admitting now to eliminating routes within that little piece of monthly propaganda.</p></blockquote><p></p>
[QUOTE="Ricochet1a, post: 642717, member: 22880"] The 401k match is I believe a maximum of 3% of gross for the employee's 5% deduction. Whoopee... The PPP resulted in career employees that retire before age 50 losing about two thirds of their pension benefit. What was "earned" prior to the traditional pension plan being taken away is locked in, but from that point forward, they are receiving about one-third of the benefit they would've under the traditional plan. The plan "benefits" those that keep on working past age 50 to receive a greater FedEx "contribuition", but not many line employees make it too far past age 50. Past age 50, the loss compared to the traditional pension plan is about half for each year worked past age 50. For office workers that are able to work till age 65, they come out about even with the traditional pension plan, since the FedEx contribitions don't stop and the percent of gross contributed kicks up to 8% at age 50. This is an obvious design to penalize those who perform the manual aspects of Express and those that sit in the hub offices till age 65 don't take much of a hit. The traditional pension plan benefited those who put in 25 years and took the physical pounding of the job, allowing them to retire, get a second career and have a respectable retirement starting at age 60. That is quickly disappearing for the line employee. Right now it doesn't show up, since most employees that are retiring are younger than 60 and haven't started drawing. In another 10 to 15 years, when those that were affected by the switch start drawing, they'll realize real quick what they've lost. They'll look at what they are getting from FedEx for a pension 10-15 years from now, and then do the quick math calculation of 50% of the average high years while working and realize what they've lost. It will be much too late by then. As a poster pointed out, the PPP give those that have less than 5 years with FedEx something when they leave. I believe this poster worked with FedEx and left prior to having 5 years - meaning he wasn't vested and left with no pension whatsoever. Pensions aren't intended for high turnover employees, they are intended for career employees that form the core of the company and make a career committment to the company. Under the PPP, high turnover part-time employees will leave with $3-4,000. Whoopee. All of the points made by the UPS employees miss the mark for FedEx employees. The full-time Express employee is making between $38,000 and $50,000. We pay a healthy premium for our benefits. Our pension went from being a good deal to a joke. The 401k matching funds that were intended to "soften" the blow of the decreased pension benefit were withheld for over a year. We had our pay progression that was "promised" frozen. It still won't be the full progression that is promised next year and there is going to be no "catching up" of the lost progression. We're going to lose 10% of our gross each and every year hence forth because of the games Fred and company played with our incomes. If Express Couriers were grossing $80,000 a year +. we wouldn't have much room to complain. There are Couriers out there busting their tails making less than HALF what the guy or gal in brown is making right now. The misclassified Ground drivers are making about a THIRD of what the people in brown are making - and they are moving the same volume of stuff as UPS is moving. Because of the morale problems caused by these personnel policies, Express management is resorting more and more to threats of disciplinary action to get things done. "Operational Need" is being brought up more and more as an excuse to toss personnel policies out the door and to have policies that were in effect for years to be outright deleted from the personnel management manual (PEOPLE). That transformation of Express that I wrote about 6 months ago is slowly being implemented. For the Express employees that have been with Express for more than 5 years, look at what is standard operating procedure now and compare that to 5 years ago, a marked and noticible change. You're going to hear "operational need" more and more as an excuse to jerk around your hours, withhold planned pay raises and even to eliminate routes. For those who watched the latest Frontline, they're even admitting now to eliminating routes within that little piece of monthly propaganda. [/QUOTE]
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