Because of the economic implosion from the corona virus, my employer, Kingspan (Tate Access Floors) is cutting wages for all of its employees by 40% in April and May, and suspending its dividend.
Kingspan will continue to pay 60% to workers who have been locked down to those who are required to shelter in place, which is a rather humane approach to all of this.
Truly shared sacrifice is something to be supported.
Considering my "Pinko" proclivities, this is an opportunity for my butt to cash checks that my mouth wrote:
Kingspan will cut executive pay by 50% and implement a 40% cut for the rest of its 14,500 staff for two months due to unprecedented production and demand disruption from coronavirus, according to a letter to staff obtained by Reuters on Thursday.Needless to say, things will be tight for a while.
………
Kingspan, which earlier announced it would withdraw its proposed final dividend for 2019 and had a strong balance sheet with more than 1 billion euros in cash and committed undrawn bank facilities, would also immediately freeze all spending that is not business critical, Murtagh said in the message to staff.
If the governor locks down the state of Maryland, as have the governors of California, Pennsylvania, and New York, I'll work from home. I have my work laptop at home, and can VPN in.
Do not expect updates, as I try NOT to blog about my work.
2 comments :
FWIW, a pay cut is involuntary termination as far as unemployment insurance is concerned, if you want it to be. I had a former employer who fought me on that point. I won. Just sayin’, if you want to walk away, they just gave you recourse.
I understand, bur first 60% pay is way more than unemployment, particularly when benefits are considered.
Second, this is about as close as a transnational corporation gets to doing the right thing, and my bailing would be a dick move.
Post a Comment