Posts tagged 401(k)
Brown medical residents unionize, prepare for negotiations
January 30, 2025 // In interviews with The Herald, residents said their top priorities are winning compensation increases and matching contributions to 401(k) retirement plans. Felicia Sun, a fifth-year neurosurgery resident at Rhode Island Hospital, noted that residents don’t have access to benefits like loan forgiveness and education stipends like other physician employees.
Amazon’s Fight With Unions Heads to Its Grocery Aisles
January 27, 2025 // Rob Jennings, an employee in the prepared foods section of the Philadelphia store, has worked there for nearly two decades. He said he noticed a series of changes after Amazon bought the chain in 2017: a program that offered employees a portion of the store’s budget surplus was scrapped, part-time workers lost health insurance, staffing levels started to decline. Even though Whole Foods had never been a worker paradise, Mr. Jennings said, “I have a fantasy about bringing back all the things they took away.”
How lavish benefits pushed by NY teachers’ unions ramped up school spending — to highest in nation at $36K per kid: reports
January 21, 2025 // Empire State teachers were the second-highest compensated in the US during 2024, raking in an average of $92,696, according to a National Education Association study. And their generous pay has only increased from the 2020-2021 school year, when New York teachers’ $87,738 was the highest average pay in the nation, the Empire Center for Public Policy found. Employee benefits at that time were between 200% and 250% higher than the national average, according to the report from the Albany-based government watchdog group.
Boeing strike ends as workers accept new contract
November 5, 2024 // Boeing has said the average annual machinists' pay at the end of the new four-year contract will be $119,309, up from $75,608 previously. The pay increase may add $1.1 billion to Boeing's wage bill over the four years, while a $12,000 ratification bonus for each union member could result in another $396 million in outflows, according to analysts at Jefferies. More than 26,000 union members voted, putting turnout near 80%.
Boeing and IAM announce new contract vote on Nov 4
November 1, 2024 // With the assistance of Secretary of Labor Julie Su, the International Association of Machinist (IAM) 751 & W24 will be allowing its 33,000 members on Monday, November 4, to vote on an updated contract offer by Boeing with hopes to ending a 49-day strike that has cost billions of dollars in lost revenue.
Boeing Strike Is a Hot Mess. The Union Has Risk, Too.
October 29, 2024 // “The biggest change I’ve seen [recently] is it’s become cool among younger people to be part of a union,” says Jacobs. “It’s been decades since that’s been true…it’s a form of activism, it’s a form of progressive political behavior and that’s something I’ve never seen before.”
Opinion: What Buc-ee’s Can Teach Us About the Port Strike
October 12, 2024 // They care most about sheer numbers, from which both union dues and political power—and thus the leaders’ incredibly high salaries—are derived. So, they’ll fight like hell to keep the people they have, even as doing so contradicts not only the economics—and real-world lessons like Buc-ee’s—but also our current labor market reality, in which workers, not jobs, are increasingly scarce. In that world, it makes oodles of sense to embrace automation and other productivity enhancements, whether at the ports or anywhere else, and any other benefits are just the barbecue sauce on top. In the union’s world, however, the system’s working perfectly, and the government-protected sauce already flows.
Machinists’ strike could cost Boeing $1 billion a month, estimate suggests
October 10, 2024 // Right now, Boeing is graded a BBB- on the S&P scale, meaning the company has "adequate capacity to meet financial commitments," but is "more subject to adverse economic conditions." With the strike nearing the end of its first month with no end in sight, the financial analysis company could downgrade the aerospace manufacturer to a BB rating, meaning it faces "major ongoing uncertainties to adverse business, financial and economic conditions." This would drop the company below an investment-grade rating. In a statement sent Tuesday night, Boeing COO Stephanie Pope said the strike has "deeply affected our business, our customers and our communities," but said the company remains committed to reaching an agreement with machinists that "recognizes our employees and preserves our company's future." Pope alleged that during the latest negotiations the union made demands "far in excess of what can be accepted if we are to remain competitive."
Op-Ed: Biden’s Longshoreman Strike
October 3, 2024 // American ports are less efficient than most in the world owing to union work rules and restrictions on automation.
Textron Aviation workers go on strike after rejecting company’s offer
September 24, 2024 // If the strikes continue over a month, issues could form in the supply chains. Other workers who talked to KSN on Monday after the strike began say the negotiations were helpful but did not go far enough. “The negotiations got pretty far, said Troy Greene, who is also a shop steward. “There were some things in the deal that were pretty good. But we decided to hold out and get what we think we deserve.”