Economy 52,859 Posted April 8, 2020 Share Posted April 8, 2020 https://www.bnnbloomberg.ca/tesla-to-cut-pay-as-much-as-30-while-virus-idles-production-1.1418793 Tesla has announced it will cut wage labor costs by 30% to help deal with collapsing sales amid Covid-19 economic downturn and really cheap Oil/Gas prices Tesla will seek a progressive wage cut where executives get the largest pay cut and the general workers see only a 10% cut. However no one will be spared the pay cuts. Link to post Share on other sites More sharing options...
cassavetes 381 Posted April 8, 2020 Share Posted April 8, 2020 Link to post Share on other sites More sharing options...
Shadow 6,697 Posted April 8, 2020 Share Posted April 8, 2020 Damn, this is a bad sign... My job asked volunteers to stay home with 2 weeks full pay, then a reduction of 60% after that... That started last week... Now those volunteers are on furlough. Those who decided to stay working got 1.5% increase for each hour worked as hazard pay... Risky, but it's good to still have a job... Good luck out there, folks... Stand in the light, cast your shadow. Link to post Share on other sites More sharing options...
cacaca 1,213 Posted April 8, 2020 Share Posted April 8, 2020 I mean, it's better than job losses. I'm seeing a lot of demonisation of businesses and YES, they could pay workers a full wage during lockdown, but in doing so would increase the likelihood of failing/going into administration. It's never as simple as "X is a billionaire why isn't he paying his staff properly?" Unless you work in pharma, everyone in the world is going to be hit by a huge recession following this. We're all going to be hit by COVID financially. Link to post Share on other sites More sharing options...
Economy 52,859 Posted April 8, 2020 Author Share Posted April 8, 2020 34 minutes ago, permotio said: I mean, it's better than job losses. I'm seeing a lot of demonisation of businesses and YES, they could pay workers a full wage during lockdown, but in doing so would increase the likelihood of failing/going into administration. It's never as simple as "X is a billionaire why isn't he paying his staff properly?" Unless you work in pharma, everyone in the world is going to be hit by a huge recession following this. We're all going to be hit by COVID financially. Ppl also sometimes forget the difference between billionaires and the companies. Some CEOs are not Billionaires and some Billionaires are not CEOs The CEO of a company usually still only owns a relatively small part of a company. In fact often he or she isn't even necessarily the largest share holder. They were simply hired to run the company it's not exactly their company per say and they shouldn't be expected to pay everyone out of their own pockets In some cases the CEO can also be the founder and by far the largest shareholder and in those cases u can argue there's more of a direct connection with the Corporation and CEO and perhaps a higher moral responsibility that comes with that situation. Is that the case with Elon Musk? I don't even know tbh Either way things are definitely not always that simple like u said. At least Tesla is cutting executive pay by a greater amount and trying to keep cuts to general workers modest Link to post Share on other sites More sharing options...
cacaca 1,213 Posted April 8, 2020 Share Posted April 8, 2020 5 minutes ago, Economy said: Ppl also sometimes forget the difference between billionaires and the companies The CEO of a company usually still only owns a relatively small part of a company. In fact often he or she isn't even necessarily the largest share holder. They were simply hired to run the company it's not exactly their company per say and they shouldn't be expected to pay everyone out of their pockets In some cases the CEO can also be the founder and by far the largest shareholder and in those cases u can argue there's more of a direct connection with the company and perhaps a higher moral responsibility. Is that the case with Elon Musk? I don't even know tbh Either way things are definitely not always that simple like u said. At least Tesla is cutting executive pay by a greater amount and trying to keep cuts to general workers modest Exactly! I am in no way defending these billionaires who sit on their money and do little to help, but they're often used as scapegoats - and some like Elon are actually doing great things to help fight coronavirus. Link to post Share on other sites More sharing options...
Bt1 5,213 Posted April 8, 2020 Share Posted April 8, 2020 This will become the rule if this doesnt end soon. And let's not forget most countries offered some economic help. Link to post Share on other sites More sharing options...
Economy 52,859 Posted April 8, 2020 Author Share Posted April 8, 2020 15 minutes ago, permotio said: Exactly! I am in no way defending these billionaires who sit on their money and do little to help, but they're often used as scapegoats - and some like Elon are actually doing great things to help fight coronavirus. Yeah. Not all CEOs are Billionaires and not all Billionaires are CEOs... And not all CEOs are even necessarily the largest shareholders of the company Billionaires are extremely wealthy investors and individuals. Yes often they are CEOs as well or founders of a Corporation it's true but it depends But there seems to be this common mental connection in people where they associate a large Corporation with the CEO as the owner as if she or he has exclusive controls to manage all of its money as they please and if all that money belongs to them forgeting that having the highest position as a CEO does not mean the company is theirs Look at Apple. It's Market Capex has touched near $1 Trillion in the past and the CEO net worth is a little over $600 Million Yes that's a tone of money and yes he has the ability to be generous... But given his networth is less than 0.1% of the company... I'm just bringing up an example of how when you look at Corporations and CEOs or Billionaires you still have to look at them as seperate entities You can't really say that because the CEO of a company is rich that therefore the company is in good standing too. A CEO can have the majority of their wealth be completely unrelated to the company they work for in a certain time. You kinda have to look at each Billionaire and Corporation on a case by case basis. And yes many are greedy selfish snakes but again just pointing out they have to be viewed seperately Link to post Share on other sites More sharing options...
Gabe 2,587 Posted April 8, 2020 Share Posted April 8, 2020 Feeling more and more blessed my job is still paying me full salary and benefits to work at home. Link to post Share on other sites More sharing options...
Economy 52,859 Posted April 8, 2020 Author Share Posted April 8, 2020 2 hours ago, Gabe said: Feeling more and more blessed my job is still paying me full salary and benefits to work at home. Lucky u I'm unemployed after 8.5 years of the same job It actually happened right before Covid-19 for me (early February) and wasn't related to the virus but either way with everything shut down it makes it harder to find anything Link to post Share on other sites More sharing options...
Shadow 6,697 Posted April 8, 2020 Share Posted April 8, 2020 5 minutes ago, Economy said: Lucky u I'm unemployed after 8.5 years of the same job It actually happened right before Covid-19 for me (early February) and wasn't related to the virus but either way with everything shut down it makes it harder to find anything That is unfortunate... Sorry to hear that, dude. What are unemployment benefits or services are available to you? Have you considered any online opportunities? Has your government specified any essential business exceptions that are still in operation in your area? The ones around here are still hiring, especially with the high demand in deliveries or basic essentials. Stand in the light, cast your shadow. Link to post Share on other sites More sharing options...
Economy 52,859 Posted April 8, 2020 Author Share Posted April 8, 2020 24 minutes ago, Shadow said: That is unfortunate... Sorry to hear that, dude. What are unemployment benefits or services are available to you? Have you considered any online opportunities? Has your government specified any essential business exceptions that are still in operation in your area? The ones around here are still hiring, especially with the high demand in deliveries or basic essentials. Yeah I'm on EI but not for very long because when I got laid off unemployment was low in my area (and in Canada the amount of time your entitled to is determined in the beggining when you apply. It doesn't matter if unemployment spikes right after as it did because of Covid) So I have to search as much as possible but so much is closed Link to post Share on other sites More sharing options...
Gabe 2,587 Posted April 8, 2020 Share Posted April 8, 2020 1 hour ago, Economy said: Lucky u I'm unemployed after 8.5 years of the same job It actually happened right before Covid-19 for me (early February) and wasn't related to the virus but either way with everything shut down it makes it harder to find anything I'm genuinely so sorry to hear that- hopefully things start to pick up sooner in the summer and things ramp up again! Link to post Share on other sites More sharing options...
.thumb.jpg.99c40bc2a10ded8236a48b4fe15c6be8.jpg)
Featured Posts
Archived
This topic is now archived and is closed to further replies.