Sunday, February 9, 2014

AOL Tries To Screw Workers: Would Stop Matching 401(k) Contributions Each Pay Period!

Q. 932. What is the fourth?
A. To defraud working men of their wages, which is to lessen, or detain it from them.
Q. 933. What proof have you of it?
A. Out of Eccl. xxxiv. 37. “He that sheddeth blood and he that defraudeth the hired man, are brethren,” and out of James v. 4. “Behold the hire of the workmen that have reaped your fields, which is defrauded by you, crieth, and their cry hath entered into the ears of the Lord God of Sabbath.”

AOL’s chief executive officer had to backtrack on a 401(k) policy change after an employee outcry that was fueled in part by Armstrong’s own comments defending the idea. After saying last week that AOL would stop matching retirement contributions each pay period -- opting instead to pay a lump sum once a year -- the CEO blamed Obamacare and the medical expenses of two employees’ pregnancies for forcing the change. He then reversed the 401(k) decision over the weekend in a memo to employees. “We heard you on this topic,” Armstrong, 43, said in the memo. “I made a mistake and I apologize for my comments.” Armstrong’s mea culpa was his second in five months for a public controversy. In August, he sent a memo to workers saying he was wrong for firing a creative director in front of a room full of employees, as well as a thousand others who were listening on a conference call. Bloomberg

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