I remember when Coke tried this in Washington with dropping healthcare benefits and used an algorithm in their business intelligence to justify doing so with contract stipulations. That took place a couple years ago. You know I can’t be too upset over the folks not wanting a 401k today based on current market conditions as it is kind of throwing them into the world of the unknown. In addition with 401ks for retirement you are pretty much in a “long” category and now for retirement benefits employees have to compete with the “shorters” out there.
Nasty Coke Strike in Washington Over Health and Retirement Benefits-Drivers Go On Strike and Coke Cuts Their Health Insurance Off The Next Day Stating Premium Payroll Deduction Would Not Be Met
You want the folks to do their job and now you add on trying to stay up with those who short markets, again depending on where the investments are with 401ks. With the extreme weather this year it is maybe not a positive thing to do. The article says the big stumbling point was over a 7 day strike notice and I don’t have the particulars on what all it entails. Well at any rate it appears that cutting off health benefits for striking employees does not look to be an effective bargaining component. BD
GOING INTO a third week of a labor standoff, Con Edison reinstated health insurance for 8,500 locked-out utility workers on Sunday.
Union spokesman John Melia says the company “bowed to public pressure” to restore benefits.
The utility said workers and their families will be covered for all of July, retroactively. Con Ed did not reveal why health coverage was restored.
Local 1-2 filed a petition last week asking the New York Public Service Commission to end the lockout.
The standoff is largely over the future of pensions, which the utility would like to convert to 401(k)s for new hires.