Feel the pension pot burn, Canadian DXCers DXC Technologies Canada will match only half the pension contributions made by former HPE Enterprise Services staff in yet another dramatic expenses purge. The amounts funnelled into the ESIT Retirement and Savings Programme will be calculated differently from the start of next year, DXC told staff yesterday, in documents seen …
Just close it all down now.
- Your PR Sticks
- No one will want to work for you anyway
- You will lose customers when they realise you have canned all those who know about their systems.
- And you are in a race with your ex-partner (HPE) to extinction. Only one of you can win.
Sad, so sad. AC as I worked for HP in the UK for 20 years. Would work there now even for £100K/year.
As a public employee let me ooh and aah over the 50% matching funds.
Because, although I have a "guaranteed" pension, recent history shows that all state governments take their lead from US industry by not funding the pensions so they can look like they have more money to spend.
When this Ponzi scheme goes TITSUP like it did in Wisconsin and New Jersey, Governors announce that "the" problem is too many people with overly-high pension expectations. Not a word about years of financial malfeasance, chiseling and downright fraud.
I know exactly how I'll be treated when I retire.
Retire at 55 on 50% of his salary?
He's not read the rules. It was possible to retire on 50% of your salary at the age of 53 and 4 months if you'd joined on your 20th birthday.
That would have given him 33yrs and 4 months service + 6yrs 8 months enhancement for a 1/80th per annum contribution.
He must have been a workaholic doing the extra 20 months
When I worked for a state university back in the 90s they didn't have a pension, they had a 403b (same thing as a 401k but for public institutions) You had a mandatory contribution of 5% of your salary, and they doubled it for a 10% match.
The salary might not have been at the level you'd get for the same job in the private sector, but they made up a lot of ground between that and 24 days of vacation (not including a half dozen standard holidays) plus 18 days of sick time that if unused could be converted at a 3:1 ratio to add up to another 6 days of vacation if you didn't get sick!
I feel for those employees. Same crap goes on here in the States... retirement plan is suddenly a 401K (contributed to by employees and employer). Then magically, the employer starts cutting the contribution (and/or looting the pension funds). Pretty soon... pension? You're on your own until we lay you off. But it's justified by "returning shareholder value". Damn I hate that justification of everything.
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