In an example of elitist corporate greed, Sears is trying to “solve” their financial problems by betraying the workers who gave decades of their working lives to the company.
As reported by Global News, Sears Canada “has filed a motion with the Ontario Superior Court of Justice to seek, among other things, permission to suspend certain monthly payments to its pension plan and post-retirement health and life insurance benefits, the company announced today.”
In total, Sears will seek to “suspend” $3.7 million in monthly payments. Health and dental coverage could be brought to an end.
This comes after Sears received $450 million from creditors, yet they say that money is for “re-branding,” rather than keeping promises to their employees.
This is elitist greed at its very worse.
Sears employees who worked for the company for years in good faith were promised certain benefits when they retired. It’s a disgrace for the company to turn around and cancel those benefits that their retired employees were relying on.
As always, it won’t be CEO’s or top management elites taking pay cuts, it’s working people who get screwed over once again.
This is a fundamental problem with our economic system. Those who make all the gains are protected from equally large losses. Sears’ top executives failed to help the company adapt to the changing retail environment, yet they kept collecting bonuses along the way. Then, when the company falls apart, they betray retired workers, get some money from their creditors, restructure the company, and then start again, all the while keeping their big salaries and positions of power.
Until those who stand to gain the most also stand to lose the most, the sickening elitist greed will only continue to grow.
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