All articles tagged with #pay cuts
Medicare proposes across-the-board cuts to medical procedure payments, targeting overpriced services and aiming to reduce disparities between highly paid specialists and primary care doctors, while criticizing the outdated and complex billing system influenced by industry lobbying.
Google employees have been informed of smaller pay increases this year, with some even experiencing a reduction in their overall pay. The compensation packages, including base salary, bonuses, and equity grants, are reportedly lower than in previous years, leading to concerns about morale within the company. Google attributes the adjustments to better reflect growth and competitive rates across locations, but employees are expressing disappointment and concern about the impact on their financial well-being.
Microchip Technology Inc. is implementing pay cuts for its workers and a two-week shutdown at its three largest semiconductor factories in the U.S. in March and June to better manage inventory amid a 'weak macro environment.' The company is planning a 10% pay cut for employees not associated with factory shutdowns and a 20% pay cut for its executive team, while also reducing activity at many of its other global factories. CEO Ganesh Moorthy stated that these measures are consistent with the company's culture of shared sacrifices and rewards, aiming to avoid layoffs and protect manufacturing capability for long-term success.
Tesla is offering smaller raises to its employees compared to rival automakers, potentially leading to lower pay for workers at the company. This news has implications for Tesla stock investors.
Evil Geniuses' Valorant team, despite winning the Valorant Champions title, is reportedly facing pay cuts and being stuck in "contract jail," making it difficult for them to explore offers from other organizations. The players feel disrespected and tensions are high, with some relationships potentially becoming irreconcilable. Contract buyouts for these players are estimated to be around $100,000, in addition to the cost of new contracts. It remains uncertain if any organization will be willing to pay the steep buyout for these world-class players.
Walmart is reportedly asking its pharmacists in higher wage brackets to voluntarily take pay cuts and reduce their working hours as part of cost reduction measures. The move comes as Walmart pharmacies face increased pressure due to the high cost of top-selling weight-loss drugs, which are impacting profits. Additionally, Walmart is dealing with the financial burden of a $3.1 billion opioid-related legal settlement. The company claims the reduction in pharmacist hours is due to a drop in demand for drugs during the summer and requests for better work-life balance. However, industry experts argue that the underlying reason is a shortage of pharmacy technicians. The growing workload, including additional responsibilities related to the opioid settlement, has led to concerns among pharmacists about filling prescriptions with fewer resources.
Executives at some of America's most influential arts organizations, including the Museum of Modern Art, Los Angeles County Museum of Art, Metropolitan Opera, New York Philharmonic, and Solomon R. Guggenheim Foundation, receive generous compensation packages that can exceed $1 million annually. These packages often include perks such as free luxury housing, first-class travel, and allowances for social clubs. However, the challenges faced by nonprofit arts organizations, particularly during the pandemic, have led to increased scrutiny of pay and expenditures, resulting in some executives taking pay cuts.
Bank of China has initiated a nationwide effort to reduce salary gaps among its employees and mid- and high-level managers in response to China's "common prosperity" drive, aimed at addressing income inequality. The bank has implemented a "salary management system reform plan" at its headquarters, with plans to roll it out to branches across the country within the next two years. The plan involves raising salaries for employees below mid-level managers by 10% to 15% and reducing salaries for higher-level managers by a similar range. This move follows pay cuts at other financial institutions and aims to address wealth inequality within the bank.