Union attacks pension cuts in latest grocery-chain contract offer
The past few days have been relatively quiet ones in regard to the continuing standoff between union-represented grocery workers and chains such as King Soopers and Safeway over a new contract. However, the latest entry on the Twiter feed linked to AlwaysHereForColorado.com, a site launched by the United Food and Commercial Workers International Union Local 7, aims to maintain troop solidarity via a chart that outlines estimated pension reductions if the latest proposal passed, with dips of between 30 percent and 52 percent for employees between the ages of fifty and sixty-two. Click "Continue" to take a look at a chart outlining the numbers:
How Much Will My Pension Be Reduced As a Result of the Company's Offer?
Currently, most full time employees earn a benefit of $49.75 for each year that they work. Under the offer, the annual benefit earned in the future will be reduced to approximately $20 per year. In addition, although the Golden Rule of 80 would be maintained for those who retire at age 55 or later, early retirement penalties for those who don't have 80 points or are under age 55 at retirement would be significantly greater. As an example, the following chart shows the reduction in benefits for an employee who is currently age 45 with 15 years of service, depending on her retirement age.
Click on the chart to enlarge the image.
Bear in mind, these are UFCW numbers. But however they're spun, it's clear that the union doesn't want workers' resolve to soften during a time when the prospect of a work stoppage is making far fewer headlines than it did mere weeks ago.