www.goiam.org Tuesday, November 12, 2002
Stock Market
Plunge Rocks Retirement Plans A study by the non-profit Economic Policy Institute (EPI) found it will take the average household 30 years to recover the wealth lost in 2000 and 2001 when the stock bubble burst. The EPI report, “Retirement Out Of Reach” also found the ratio of household debt to income jumped from 72 percent to 83 percent since 1992, which combines with stock losses to leave the average family with only 43 percent of the income they will need for an adequate retirement. “One of the saddest things about this situation,” said George Kourpias, President of the Alliance for Retired Americans, “is that retires who had lost their 401(k) funds invested in the stock market do not have the luxury of 30 years to rebuild their so-called wealth.”
US Airways’ Financing Approved The DIP financing will be provided by Retirement Systems of Alabama (RSA), who also offered $240 million in exchange for a 37.5 percent ownership stake in the airline. The bankruptcy court established a November 15 deadline for competing, qualified offers. Attorneys representing the Machinists Union were present at hearings last week where the court approved a number of agreements related to aircraft, allowing US Airways more time for negotiations with lessors and lenders. US Airways’ attorneys declared the company is on track to emerge from bankruptcy in the first quarter of 2003.
Local Machinists Win State and County Races In Minnesota, Local Lodge 737’s Richard Olseen scored an impressive 53% - 47% victory over Bob VandeKamp a 20 year incumbent on the Chisago County Commission. "I'm really excited about the opportunity to serve the people of the 2nd District," said Olseen. "It's very important to me to open up government so people feel they are a part of it."
EAP Program Kicks Into High Gear It’s an exciting new approach that offers new ways to deal with serious problems in the workplace,” explained Maria Cordone, the IAM’s director of Community Services and Retirees Department. Through the LAP program, union EAP representatives can get credit toward a college degree. Candidates attend a weeklong program at the George Meany Labor Center in Silver Spring, MD and take a series of learning modules provided through the Internet. “The program offers as many as 90 college credits for the candidates’ work experience and union service,” Cordone said. EAP workers offer confidential counseling to workers dealing with personal or work-related issues. Such counseling covers a wide range of topics that may include physical, emotional, marital or family distress, legal or financial problems and other issues. “Most people think we only work with alcohol or drug problems,” one participant said. “We deal with life issues.” EAP chairman for District 141-M at US Airways reported, “a dozen suicides related to work issues” at one major airlines facing serious financial problems. “If we can help just one person, then it’s all worth it,” Paul Shultz said.
Health Insurance Costs Soar
China Faces Jobless Crisis Estimates of unemployment in China range from the official figure of 7.25 million in the cities to a largely unemployed migrant population of 80 to 100 million. The numbers are expected to increase as China continues to shutter state industries in a wholesale bid to modernize its economy. Recent protests by unemployed workers in several cities in northeastern China were violently suppressed by police who arrested protestors and jailed suspected organizers. China permits no labor unions other than the government controlled All China Federation of Trade Unions. Public displays of anger over unemployment and government corruption are increasing as Communist leaders alternately suppress and embrace capitalist-style economic reforms.
Eastern Territory Scores Wins
IAM District 75 Racks Up Wins
District 75 has brought more than 700 new members into its ranks so far this
year. “The District 75 organizing team has done an outstanding job,” noted GVP
George Hooper. “We congratulate them and extend a warm Machinists welcome to
these new members.”
Justice on the Job in Utah Western Territory General Vice President Lee Pearson said, "This is what being a part of the IAM is all about. Our members are able to stand up to discriminatory employer tactics and win.
Medicare Patients Face Health Care Crisis |