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Automotive News & Views What about the future of Ford Inc?? 
1858 messages, Last post on Oct 16, 2006 at 6:25 AM
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Replying to: euphonium (Oct 05, 2006 7:25 am)  Somehow I find some truth in it.  Rocky |
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Replying to: exalteddragon1 (Oct 08, 2006 8:59 pm) Depending on the age of the retired employee at $30,000 a yr. pension, one would have to to live at least 8-9 yrs. to get what the company put into the 401K, on a pension plan. Assuming the company invested that money, instead of putting it into a 401K, they could of made enough money off of sound investing to have the retirement cost them zilch. This is what GE, did and is why they have approx $30 Billion in its pension fund to support retirees and it cost the company nothing out of pocket today and makes money. I guess that is where the difference lies in management fore seeing the future.  Rocky
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Replying to: rockylee (Oct 09, 2006 4:53 am) You make an excellent point for the individual to do the same. A person doesn't have to be a GE to enhance his own investment portfolio. Guaranteed pensions are a myth. Just ask the retired airlines pilots i.e. Delta, United, & TWA.
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Replying to: euphonium (Oct 09, 2006 8:51 am)
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Replying to: dhanley (Oct 09, 2006 9:56 am)
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Replying to: nvbanker (Oct 09, 2006 6:25 pm) I understand y'alls point. The situation of being a small buisness or work for a small buisness is alot different than a large corporation. A large corporation can turn a few billion into multi-billions through investing. They have the ins and outs of the market, because of resources. I've always have said the best buisness approach for the Big 3 and UAW, would become lean. Offer the UAW workers $50 or $60 bucks an hour w/ ZERO benefits. The company could eliminate thousands more jobs because they would no longer need HR people to run them. Those people collect a large salary and use benefits. I know Microsoft in the past used this approach and it works because a corporation can afford to pay more upfront and save by eliminating or not needing the excess people. I've said before my dad and I have talked a great deal about the cost savings and benefits for the employees and company. I've proposed this idea to my union, to not only benefits me but to save you tax payers money. GM, and Ford, for example is paying around $19 an hour for temp workers. Tell those new workers you will pay them $40 or $50 bucks an hour with zero benefits like they have now and I guarantee you'd have a buncha happy workers and it would save GM, Billions in benefits What I mean is GM, claims it costs them $81 an hour per veteran employee. Ford, has similar claims. I have the perfect fix that would pass in the union halls. Say alright here's $50 or $60 bucks an hour zero benefits, we can then eliminate "X" amount of overhead and y'all are happy and we are happy.  I guess I should be CEO, right.  Rocky
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the concept of the company pension, it just seems to me that the companies make promises they cannot financially afford to keep...just like when an individual charges his credit cards, then loses his job, and files Chapter 7, basically voiding his prior promises to pay, Ford/GM do not seem to be making enough $$$ to pay everything they promised...since their suppliers will cut them off if they do not pay, which would cause forced liquidation in about 2 days, they have no choice but to work with the one variable that really can be varied...dump employees, cut benefits, cut pensions, because, if they don't, then there will be NOTHING left and no reason for the company to continue operations... What you are really seeing is the slow death of the welfare state, where the workers actaully depended on the company to take care of them, shirking their responsibility for their own lives, and now that sugar daddy (GM/Ford/Delta/etc) cannot live up to the inflated promises of the past...so, in order to survive, you jettison the only things you can, and everyone learns a lesson... And while this is a perfect time to throw in something about the unions strangling the American employment market with their insane demands of pay for unskilled labor, but I will remain silent on that issue...
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Replying to: rockylee (Oct 10, 2006 3:59 am) Medical Insurance Programs to direct union members health. Retirement Programs to fund union members after work. Microsoft employees are capable of working out their own answers to money management, health insurance, & retirement programs due to a higher level of education as required in their work. I look forward to the day when all union members are of such apptitude enabling them to be more independent. 
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Geeze, the State of NJ cannot even afford to fully fund the public employees pension right now. How do you expect car companies that are bleeding red?
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Replying to: mschmal (Oct 10, 2006 9:58 am)
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