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On 3/17/2003 7:12:06 AM wings396 wrote:
Can anyone shed some light on how the 5% deal works. What I am after is the duration of the cut. I know the contracts list it as 18 months, but is this a given if the war lasts 3 weeks, or just the maximum timeframe?
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The 5% deferral (pay cut) goes in effect for war event or terrorist act that has a direct impact on our airline and industry. Who determines that effect? Yup, mangement.
Even if the war lasts one week. Having a significant amount of ground troops in Iraq zone will trigger this event. (contract language) Right about now...I bet management is just "smacking their chops" on getting this cash (interest free, in essence, 36 month loan).
How it works:
5% is to be taken in monthly installments over next 18 month period, and be returned starting the 19 month in montly installments over the next 18 months. IF, however, there is a reported profit in any quarter while this is occuring, U will return the 5% commencing the following month of this report in monthly installments (not all at once, cause its a freeby loan from the employees) until all money is returned; however long that takes. What Einstein H-A-V-A-D genius thought of this "screw"?
This 5% deferral is for ALL employees of U.
Some have thought that the company could take this deferral multiple times; meaning, after the commencement of the 5% being returned during the give back months, that if there was another event...they could take it out again.
WRONG! This message is for management: NO SUCH LANGUAGE EXISTS FOR A REVOLVING 5%.
In addition, and just because they can, will raise medical contributions starting May 1 AGAIN for ALL employees. They snatched another opportunity at that while all "guns were loaded at our heads" over the Christmas winter concessions. Guess they weren't happy with the "gouging upward spiral" of our medical contributions from the summer concessions. In addition to that, they took the Long Term Disability from our pregnant flight attendant group, (we are 82% female in this profession still). We had a 45 day benefit after birth; GONE... for normal preganancy, you get 1-2 days...a $90-$180 check. However, you go early...you get a big fat "0"!
When all this commences, we will probably see a surge of our employees filing for "personal" BK.
I just love these guys....