'Last year was the best year in all our 30 years of business': Company announces record breaking profits, then slashes employees' 401k in same meeting

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    r/antiwork ⚫ 16 hr. ago mx023 . My company announces Record breaking profits and slashes 401k in conference call
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    Today, the company I work for(200 people) - owned by a fortune 200 company - had our fiscal year review today. Our president talked for the first 15 minutes about how last year was the best year in all our 30 years of business we smashed every projection. We have -
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    some of the companies largest projects EVER in the pipeline and We want to hire 30-40 new personnel in the next year. Then he went on to say our parent company - a fortune 200 company in industry is forecasting a slowdown and nervous due to election year
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    So, every employee in their umbrella of companies is no longer getting a 401k match. But not to worry because we just had the best year ever thanks to YOU!!! Is this even legal?? Our company just had the best year ever making hundreds
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    of millions and then slash our 3% match just like this??! Our stock is up 50% the past YTD (up 70$ this year) They also did this and made us take a 7% pay cut
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    Is anybody else going through anything like this? I mean I've heard of a few places doing layoffs right now but this is the first I've seen anything like this.
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    cl8855 2d ago Welcome to capitalism, the top takes all the profits of your labor
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    LifeRound2 • 2d ago Almost certainly legal. If you've got a signed contract that may be different. Time to ask for a 10% raise.
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    • Born-Mycologist-3751 2d ago The problem with a successful year is you have to top it next year. If you can't do it on the top line, you start trimming expenses. People cost is one of the biggest buckets of expense in most companies so it is an easy target. Of course, it is a penny wise, pound foolish approach since reducing internal investment leads to a downward spiral in the long run.
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    • Ceilibeag 2d ago Time to leave. Your employer just showed you how much they value your contributions. Don't allow them to profit from your suffering.
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    Agent-c1983 • 2d ago You need a union
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    MillyHoho 2d ago Certainly legal, just kinda sends the wrong message
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    Alone-Noise-3454 . 2d ago Time to work 3% less hard then
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    distantreplay • 2d ago This is precisely why we form unions. No one individual worker among you has the leverage to even influence a greedy decision like this. As an organized group you have the leverage to force ownership to reconsider.
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