contract rumors

[30something]

we have heard the company wants to offer a buyout for for anybody with 25 years or more of service.want the want in return is new hires will have to pay for part of their insurance and will be on a 48 month progression instead of a 30 month.will save them a ton of money in lower hourly rate,vacation time,etc. here are the different rumors we have heard so far, cs pension benefits restored with the buyout, $2000 for every year of service, $2 for every hour worked,increasing retirement check from 3 grand to 4500, then reducing that by social security check when you start receiving it. i can see the $2000 buyout, but how would they replace that many people? just wondering if anybody has heard anything similar

[one of the few]

thats what they are rumors,just have to wait

[HazMatMan]

Originally Posted by 30something

we have heard the company wants to offer a buyout for for anybody with 25 years or more of service.want the want in return is new hires will have to pay for part of their insurance and will be on a 48 month progression instead of a 30 month.will save them a ton of money in lower hourly rate,vacation time,etc. here are the different rumors we have heard so far, cs pension benefits restored with the buyout, $2000 for every year of service, $2 for every hour worked,increasing retirement check from 3 grand to 4500, then reducing that by social security check when you start receiving it. i can see the $2000 buyout, but how would they replace that many people? just wondering if anybody has heard anything similar

How would they replace that many people?? Ups doesn't think about the future, besides, who says that many people would even take the buyout??

[705red]

Originally Posted by 30something

we have heard the company wants to offer a buyout for for anybody with 25 years or more of service.want the want in return is new hires will have to pay for part of their insurance and will be on a 48 month progression instead of a 30 month.will save them a ton of money in lower hourly rate,vacation time,etc. here are the different rumors we have heard so far, cs pension benefits restored with the buyout, $2000 for every year of service, $2 for every hour worked,increasing retirement check from 3 grand to 4500, then reducing that by social security check when you start receiving it. i can see the $2000 buyout, but how would they replace that many people? just wondering if anybody has heard anything similar

Hopefully just rumors, to early to jump to conclussions, but it sounds like ups, asking us to repeat 82 and selling out all the new upsers. We cannot forget where we came from and the hard work we overcome to get to where we are now, but i will not sell out our future brothers and sisters to better myself! This would have to be voted down by all by a landslide!

Any agreement to reduce your pension check by the amount of your social security check when and if you recieve it is a rip-off. You've paid half the money into your social security account yourself for your entire life. Any other employers you've worked for other than UPS have also contributed to your account. I don't think UPS or the IBT should limit your pension payments based on the amount of social security you're intitled to. At least not the full amount.

I hear the Company wants a 10 year contract.
I think that would be way to long

[Just Lurking]

Originally Posted by Sooner

Any agreement to reduce your pension check by the amount of your social security check when and if you recieve it is a rip-off. You've paid half the money into your social security account yourself for your entire life. Any other employers you've worked for other than UPS have also contributed to your account. I don't think UPS or the IBT should limit your pension payments based on the amount of social security you're intitled to. At least not the full amount.

I believe the same thing. Unfortunate, I believe that way is more of the norm in single company pensions. If this is in the company proposal, my vote would be NO.

[Just Lurking]

Originally Posted by ugly brownie

I hear the Company wants a 10 year contract.
I think that would be way to long

Some companies have just as long or longer contracts. They are only re-opened for economic issues on a set schedule. All other issues go to arbitration. If it was structured properly and tight enough, it could be a good idea.

[Just Lurking]

Originally Posted by 30something

we have heard the company wants to offer a buyout for for anybody with 25 years or more of service.want the want in return is new hires will have to pay for part of their insurance and will be on a 48 month progression instead of a 30 month.will save them a ton of money in lower hourly rate,vacation time,etc. here are the different rumors we have heard so far, cs pension benefits restored with the buyout, $2000 for every year of service, $2 for every hour worked,increasing retirement check from 3 grand to 4500, then reducing that by social security check when you start receiving it. i can see the $2000 buyout, but how would they replace that many people? just wondering if anybody has heard anything similar

Someone mentioned that company wanted 90 in 180 instead of 30 in 90 to gain seniority.

I have said for a few years that CS really screwed more than you knew. I believe that company thought there would be a large number employees taking a 30 and out in 2006. Since the company went nationwide in 1976 (large number of new employees) there is a large number of employees that gained 30 years in 2006. If these employees had retired in 2006, new hires would be making ~$16 (70% of 2002 driver rate) instead of $26.xx.

new driver $16 * 50 hrs * 52 wks =$45760

full scale $26 *50 * 52 wks = $74360

This does not even account for a 20 something doing the job of a 50 or 60 something. Performance would may not be through the roof but much higher.
The saving in wages and pop in earnings (stock price)would have substantial for the short term (3-5 years). Upper management would have been very happy and probably not with us any longer.