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Forum Post: Verizon Executive Pay

Posted 8 years ago on March 30, 2012, 8:29 p.m. EST by myows (133)
This content is user submitted and not an official statement

how is it not legitimate to point out that outgoing CEO Ivan Seidenberg made 26.4 million dollars last year,

and new CEO Lowell McAdam tripled his salary last year to 23.1 million,

while insisting that the union worker give back the list of things below ?

Now whether you are sympathetic to unions or not I think if you've got any sense of fairness as a human being you must be able to see the hypocrisy of 2 men sucking almost 50 million dollars out of the company IN A SINGLE YEAR and then trying to take away everything the union worker has ever bargained for.

I'm just a guy who gets up and goes to work every day and keeps Verizon's network up and running. CWA is not a public sector union where the employer, the US government, is going broke. Verizon is doing just fine. Where is the justification for taking away 20k worth of pay/benefits from each employee?

• Wages - both annual and progression increases will be tied to your yearly evaluation. If you receive a "Does Not Meet Position Requirements" you will not receive an

increase. • Eliminate Night and Saturday Differential • Eliminate Sunday premium pay. • Eliminate Double Time for hours past 49/week • Eliminate all Overtime Caps. • Eliminate city allowances. • Create new job titles for the consumer and business call centers that would work on a commission-based wage schedule. Pensions • Eliminate pension accruals. For anyone currently on the payroll your pension will be frozen as of December 31, 2011 and after that, there will be no more pension

plan. • Eliminate the Pension Cash-Out option. • Modify the 401(k) Plan and the CPS. • Eliminate the Sickness Death Benefit. Benefits • Eliminate the current health care, prescription, dental, and vision plans and offer plans with high deductibles and contributions. • Eliminate accident disability benefits. • Cut in half the sickness disability benefits. • Reduce sick time pay to 5 days per year for those members with 20 or more years; 4 days for those with 15-20 years; 3 days for those with 7-15 years; 2 days for

those with 2-7 years; 0 days for those with less than 2 years. • Reduce Paid Holidays to seven. Job Security • Eliminate the Job Security Provisions for all employees. • Eliminate the Movement of Work Protection • Eliminate the 35 mile transfer provision • Eliminate provisions in Force Adjustment Plan • Eliminate New Contracting Initiatives agreement - which would allow them to increase the level of contracting Other • Eliminate the Next Step Program • Eliminate the half day on Christmas Eve • Reduce the notice to the Union on Major technological changes from 6 months to 30 days • Eliminate the Dependent Care Reimbursement Fund



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