It's the economy, stupid! (Finance-related news)

[6souls]

https://www.thelostogle.com/2020/03/...mulus-payment/
https://www.kxan.com/news/austin-com...imulus-checks/

Oklahoma-based ImageNet Consulting will force employees receiving a stimulus check to accept a 100% pay cut.

ImageNet Consulting – an Oklahoma City-based “Information Technology Solutions” firm that sells high-dollar copiers, scanners, and IT services to companies all across the country – wanted their remaining employees to forfeit a portion of their April paycheck that is equal to the amount they will receive from their government-issued Coronavirus stimulus payment.

The agreement would put workers under a “temporary compensation reduction that is in line with the assistance that it receives from the federal government related to the COVID-19 pandemic.” By signing the agreement, the company’s employees would have their paychecks between April 6 and April 20 cut by 100% of any money received under the stimulus bill.

The company would also take half of the $500 stipend allotted for dependents under the bill.

The worker told KXAN the company laid off a quarter of its workforce this week.

[Andalusian girls]

needa buy some god damn oils futures never thought i'd see $19 a barrel in my lifetime again

[Kaslo]

For being a humorous blog, the lost ogle breaks a lot of news in Oklahoma

[6souls]

https://www.bbc.com/news/live/world-...ost_type=share

Air Canada to cut 15k jobs.

[synistar]

My YUGE biotech company is doing an across the board 5% pay reduction for the next 3 months with some divisions cutting even deeper. But all manufacturing and logistics is staffed at full. I hope its the WFH people that get screwed while we're slaving away showing up to facilities.

And to channel Zet... CEO says we gotta go LEAN for Q2. LEAN HARDER THAN WE HAVE EVER FUCKING LEANED.

[Melena]

And you can bet his definition of leaning harder for himself is cutting a day from his next vacation.

[synistar]

I mean, he can't get in his private jet anymore. So there's that. And the execs are taking 25-30% cuts.

[Dimmauk]

https://www.thelostogle.com/2020/03/...mulus-payment/
https://www.kxan.com/news/austin-com...imulus-checks/

Oklahoma-based ImageNet Consulting will force employees receiving a stimulus check to accept a 100% pay cut.

I mentioned this to a couple of people as a joke, and I'm not surprised someone is actually horrible enough to try it. FUCK THAT.

[Byrthnoth]

Oklahoma: land of the Tiger King

[6souls]

https://www.bbc.com/news/business-52101665
https://www.fool.com/investing/2020/...overnment.aspx

America Airlines will be placing a bid for $12B of the $50B set aside for airlines. If they don't get the amount, they will be announcing layoffs and pay cuts.

Last year the company made a $2.9bn profit and returned $1.3bn to shareholders via dividends and buybacks, according to Bloomberg.

In a memo obtained by Reuters, company officials said American is eligible for about $6 billion in payroll grants and $6 billion in loans under the $2 trillion economic stimulus package passed last week. That amount, coupled with American's cash reserves, will allow the company to withstand "even the worst of potential future scenarios," CEO Doug Parker and President Robert Isom said in the memo.

American also plans to improve the terms of voluntary unpaid leave and early retirement options for flight attendants and other employees.

[Boyiee]

Shut it down.

[Koyangi]

https://www.thelostogle.com/2020/03/...mulus-payment/
https://www.kxan.com/news/austin-com...imulus-checks/

Oklahoma-based ImageNet Consulting will force employees receiving a stimulus check to accept a 100% pay cut.

How are they allowed to force this on their employees, since this check their getting is a tax rebate and has nothing to do with that companies earnings or anything else?

[6souls]

How are they allowed to force this on their employees, since this check their getting is a tax rebate and has nothing to do with that companies earnings or anything else?

Second quote box. If they want to keep their jobs, they have to agree to these terms.

[Tokitoki]

Basically using it as an interest free loan at the expense of their employees.

Or not even loan, really, as they aren't paying it back.

Oh and fuck your kids.

[archibaldcrane]

I don't understand how it is legal to pay them sub minimum wage for a period of time.

[6souls]

I don't understand how it is legal to pay them sub minimum wage for a period of time.

It's not. If they go through with it, the city/state will come down on them hard.

[6souls]

https://www.cnn.com/2020/03/30/tech/...land-warehouse

Person who led the Staten Island branch of the Amazon mass protest has been fired for being infected.

[Kaslo]

It's not. If they go through with it, the city/state will come down on them hard.

hahahahaha okay

[Koyangi]

How will they enforce this, how will they know if someone got this money or not? Couldn't an employee just lie and say they didn't get it?

[6souls]

hahahahaha okay

Don't mess with Texas.