Democratic Underground - IBM riles employees with base pay cuts

IBM riles employees with base pay cuts [View All]

antigop

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Wed Jan-23-08 11:41 AM
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IBM riles employees with base pay cuts

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Source: Thompson Financial delivered by Newstex

Even as IBM (NYSE:IBM) Corp. reports record profits, thousands of its U.S. employees are staring at pay cuts.

It's the result of IBM's response to a lawsuit in which the company was accused of illegally withholding overtime pay from some technical employees. IBM settled the case for $65 million in 2006 and has now decided that it needs to reclassify 7,600 technical-support workers as eligible for overtime.

But their underlying salary -- the base pay they earn for their first 40 hours of work each week -- will be cut 15 percent to compensate.

Read more: http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-22463472.htm

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IBM riles employees with base pay cuts [View All]