Communication is appalling . Does HR really think we are that stupid?
Before we paid 12 %, soon, we'll be paying 9% but if you contribute to 3% we will match so you get 15%. Got it , but how many people providing their sh-t salary and shocking payrise will be able to pay into their pension and they know it. That is such poor communication. Next time just tell us you're cutting benefits but please don't make us believe you're doing us a favour.
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Do nobody in EMEA realize how truly entitled they are by law?
PSA means Public Service Announcement. Likely a US only term.
Any unhappy EMEA employees should be allowed to transfer to the States for a few years. We don’t have forever pension guarantees by law… we all just keep taking cuts.
Such a program would be quite the eye opener… likely to lead to a lot more appreciation for benefits across the pond.
If you have a US pension and are thinking about taking the lump sum option, note that the IRS is changing the rules on Jan 1st, and it looks like payouts will be reduced. This is a post I read on a financial forum today:
PSA for everyone who has a pension plan where you can take the lump sum but haven’t yet. IRS discount rates will increase significantly Jan 1, and will potentially drastically reduce your lump sum option (payout rates not impacted).
Case in point, I have a DB pension plan with an old employer. I was never sure what to do with the money so it’s just been sitting in the pension. My current lump sum is $334k, but starting Jan 1 it drops to $252k!!!
Pension or 401K?
2 completely different things. As far as I'm aware the pension stopped years ago.
I'm grand-fathered in to 2 of them.....and anticipating the announcement that it will be taken away as well.
It sounds like an excellent improvement. You get the full match if you put some skin in the game. Sounds like it will educate the employees even as they are incentivized to do the right thing.
Complaints about any matched money are ridiculous
Is that overseas that if you contribute 3% the company gives 12%??? It’s a lot lower in the U.S.!
You might want to rewrite this cogently. I think that you might have some important observations there but it’s impossible to discern what you’re trying to say.
I will say that your comment “ All these things increases the mgmt pockets whereas substantially decreases the money employees get in their bank and as a cherry on the cake the paltry 1-2% increase they give even in technology side. So essentially employees are loosing money staying in this place. better we go out and at least be happy” Is particularly confused.
Your money loss does not “ increases the mgmt pockets”. All employees are governed by grade and performance and your pay has nothing to do with another employee’s pay. Could you possibly be confusing the dividend returns to stockholders (our owners) with managers, who are only employees as we are? Also “loosing” money would mean that you’re dumping yours. “Losing money” is what you probably mean.
It's bleak. I will prob pay 3% of my salary in to keep them paying 12%, but with the current salaries and current cost of living many will not. It's a shocking announcement. The colleagues struggling the most will lose the most.
BNY mgmt and HR should be ashamed of themselves as they can never grow business to support hardworking employees. but they are always growing their pockets. The only way they can do is cut the expenses and that’s by cutting benefits like HSA contribution happened last year and also stop profit sharing which was 2%. Also keep decreasing what the employer pays for health insurance which is another 5%. This has been the case from last 5-7 yrs. All these things increases the mgmt pockets whereas substantially decreases the money employees get in their bank and as a cherry on the cake the paltry 1-2% increase they give even in technology side. So essentially employees are loosing money staying in this place. better we go out and at least be happy.