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Chrysler workers offered up to 100k to leave
Chrysler Dodge, Plymouth, Jeep, Eagle, etc info/talk (rec.autos.makers.chrysler)
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#11
 
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Re: Chrysler workers offered up to 100k to leave -
03-02-2007
, 05:34 AM
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On one hand I have to give them some credit - they are at least giving the employees something better than a sharp stick in the eye. But on the other it really seems like a lot of these folks are going to be totally screwed. On one hand they are going to get their severance payout eaten up by the equity loss. Then on the other the one-time payout is going to push them into a higher tax bracket. But the thing that I really don't understand is I recall reading about massive layoffs and such in the auto biz two decades ago. It certainly seems like Detroit could have simply -not hired- people during the last 20 years and accomplished the same workforce reduction with a lot less social pain. |
this that special arrangements are made with governments. I remember
when - I think it was Philip Morris, or maybe it was IBM - had some big
layoffs 15 or so years ago, part of the package was that they not only
got the lup sum, but that they collected unemployment benefits as well.
Is it possible that special taxing exempting arrangements are also
made to leesen the burden?
Bill Putney
(To reply by e-mail, replace the last letter of the alphabet in my
address with the letter 'x')
#12
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Over the years, whenever there were community impacting layoffs like this that special arrangements are made with governments. I remember when - I think it was Philip Morris, or maybe it was IBM - had some big layoffs 15 or so years ago, part of the package was that they not only got the lup sum, but that they collected unemployment benefits as well. Is it possible that special taxing exempting arrangements are also made to leesen the burden? Bill Putney (To reply by e-mail, replace the last letter of the alphabet in my address with the letter 'x') |
the lump sum were taxed differently. I can't remember at what rate though.
--
"Now Phoebe Snow direct can go
from thirty-third to Buffalo.
From Broadway bright the tubes run right
Into the Road of Anthracite"
Erie - Lackawanna
#13
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Is there any other conclusion when the biggest employer in town shutters it's doors? I notice they are being very coy about what locations they are going to offer this package in. To answer your question, since the local job market will aslo be saturated, then they would be in the proverbial pickle. On one hand I have to give them some credit - they are at least giving the employees something better than a sharp stick in the eye. But on the other it really seems like a lot of these folks are going to be totally screwed. On one hand they are going to get their severance payout eaten up by the equity loss. Then on the other the one-time payout is going to push them into a higher tax bracket. But the thing that I really don't understand is I recall reading about massive layoffs and such in the auto biz two decades ago. It certainly seems like Detroit could have simply -not hired- people during the last 20 years and accomplished the same workforce reduction with a lot less social pain. Ted |
ahead of time are necessary in their lives to keep things going in a
financial emergency. It's not like we are talking about people with
minimum wage jobs here who had no way of building a fallback fund of
some type - 401K or whatever. An employer and the government are not
responsible for guaranteeing a job or compensating you or me if we lose
ours. It's nice if they do, but it's not to be counted on.
Yes - in a massive layoff, the commnuity suffers, but the individuals
were responsible for creating their own safety net. Remember the
children's story of the squirrel who played all summer and didn't store
away any nuts for the winter? But I guess that goes against the modern
socialist thinking.
Bill Putney
(To reply by e-mail, replace the last letter of the alphabet in my
address with the letter 'x')
#14
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Ted Mittelstaedt wrote: Is there any other conclusion when the biggest employer in town shutters it's doors? I notice they are being very coy about what locations they are going to offer this package in. To answer your question, since the local job market will aslo be saturated, then they would be in the proverbial pickle. On one hand I have to give them some credit - they are at least giving the employees something better than a sharp stick in the eye. But on the other it really seems like a lot of these folks are going to be totally screwed. On one hand they are going to get their severance payout eaten up by the equity loss. Then on the other the one-time payout is going to push them into a higher tax bracket. But the thing that I really don't understand is I recall reading about massive layoffs and such in the auto biz two decades ago. It certainly seems like Detroit could have simply -not hired- people during the last 20 years and accomplished the same workforce reduction with a lot less social pain. Ted And on the third hand, it is up to individuals to take whatever measures ahead of time are necessary in their lives to keep things going in a financial emergency. |
looking at the handwriting on the wall and getting out several years before
the boat sank.
But the managers and owners have a responsibilty also, and that is to
run the company with good management.
Quote:
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It's not like we are talking about people with minimum wage jobs here who had no way of building a fallback fund of some type - 401K or whatever. An employer and the government are not responsible for guaranteeing a job or compensating you or me if we lose ours. It's nice if they do, but it's not to be counted on. Yes - in a massive layoff, the commnuity suffers, but the individuals were responsible for creating their own safety net. Remember the children's story of the squirrel who played all summer and didn't store away any nuts for the winter? But I guess that goes against the modern socialist thinking. |
drive companies into the ground should have their golden parachutes removed.
Ted
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