Singapore Airlines
Thank you, fuck these headlines (not the OP, the news outlet)
I mean, I’d heard that this is how the labour market is supposed to work in theory, but I didn’t realise that some CEOs were actually doing it. Corporate America does NOT want you to think about this.
I recently started at a private company that does profit sharing through ESOP. This year to all invested employees, so those more than ~1yr, they contributed around 30% of their annual salary in stock to their retirement. The private stock price rose about 32% from last year as well. On average the stock goes up 20%+ and the contributions have been around 18%. The founder and IG CEO found that companies that have an ESOP grow faster than others, and are happier. It takes 6 years for full investment, but after that, when you leave, they pay out your shares at that stock price, over a few payments I believe.
I bet it helps with employee retention as well.
I wasn’t a believer when I started at an ESOP. But looking at my retirement funds after working for 8 years at the company. Then comparing it to friends who were given shares of large public companies and making maybe like 10k over 4 years. Absolutely worth it.
If I were eligible this year, it would have been >20k just given to me for retirement. They also contribute to 401k. It’s nothing crazy but it’s something on top of ESOP. I don’t want to need to work until I’m to old to enjoy retirement, but my wife and I like to travel now. This helps do both.
And this is like tip of the iceberg bare minimum type shit, it’s not even suggesting workers own the means of production or anything that radical, all it is is paying employees a more appropriate share of the profits (the company is still making an obscene amount of that profit, and the employees are still under paid for their labour, it’s how the pyramid scheme we call capitalism works, but this is proof that even while continuing to roll in billions, other employers don’t have to be keeping their employees on poverty wages, they choose to).
Why would workers own the means of production if they didn’t set up the business in the first place? It’s just a hired labour. If you hire someone to do something this doesn’t mean they should suddenly have a part of that thing.
You can set up your own thing together with the workers and pool and borrow to fund it and then you own the means of production. It’s already possible https://en.m.wikipedia.org/wiki/Cooperative https://en.m.wikipedia.org/wiki/Worker_cooperative
Just go and do it or join the existing one. There’s like plenty of them here. And if there isn’t at your location it’s still better to act than complain.
Meanwhile, Boeing is cutting safety regulations to squeeze out more profits while their planes are literally falling apart in the sky.
Woah careful buddy, don’t criticize too hard or you might off yourself
Epstein-Boeing
It’s the sound you make as you hang yourself
Oops, that’s deadly, material right here.
This is an airline, not a manufacturer? So I don’t really see the connection here.
Happy the employees can share in the surplus. Very rare.
This is SOCIALISM!
-Republicans.
Not if a business is in control of it
But…but…what about the shareholders?! /s
but, what about those poor shareholders? did they get their 5th yacht? what an abomination to pay extra the people that actually are making money in a company.
