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Drugmaker Pfizer has said it is to cut 6,000 jobs worldwide - almost a fifth of its workforce - over the next five years as part of a major restructuring.
It will close eight plants and scale back operations at six other factories. The changes follow Pfizer's purchase of rival Wyeth last year.
Three plants will be closed in the Irish Republic, leading to the loss of up to 785 jobs there.
Two Pfizer plants in County Cork will close and a factory in south Dublin.
efarmer wrote:Even Viagra has come up against some very stiff competition.
A grim fact of the recession is that it pays to lay people off.
The CEOs who laid off the most employees during the recession are also the CEOs who took home the biggest pay checks, according to a study released last week.
CEOs of the 50 U.S. firms that slashed the most jobs between November 2008 and April 2010 took in 42 percent more than the average CEO at an S&P 500 firm, according to the 17th annual Executive Excess study by the Institute for Policy Studies, a progressive Washington think tank.
The study (PDF) also found that 36 of the 50 layoff leaders "announced their mass layoffs at a time of positive earnings reports," suggesting a trend of "squeezing workers to boost profits and maintain high CEO pay."
The 10 "highest-paid CEO layoff leaders" ranked in the report include the CEO of Hewlett-Packard, Mark Hurd, who earned $24.2 million in 2009 as the company laid off 6,400 workers and Walmart CEO Michael Duke, who earned $19.2 million as the company laid off 13,350 workers. No Wall Street banks were included in this list, but three banks -- Citigroup, Bank Of America and JP Morgan -- showed up on the study's list of the 50 firms that laid off the most employees.
Overall, the study found that executive pay remains astronomically high compared to previous decades. "After adjusting for inflation, CEO pay in 2009 more than doubled the CEO pay average for the decade of the 1990s, more than quadrupled the CEO pay average for the 1980s, and ran approximately eight times the CEO average for all the decades of the mid-20th century," the study says. Currently, CEOs of major U.S. companies average 263 times the average compensation of American workers, the study claims.
Pretorian wrote:Well why it does make perfect sense. CEOs, in general, get paid according to the performance of the company that they are CEOing. Contrary to the popular belief, there are a lot , a lot of people hired in a private sector that do nothing..
Sixstrings wrote: maybe the CEO who's gettin 400 times the workers' pay should make a sacrifice too?
Sixstrings wrote:Pretorian wrote:Well why it does make perfect sense. CEOs, in general, get paid according to the performance of the company that they are CEOing. Contrary to the popular belief, there are a lot , a lot of people hired in a private sector that do nothing..
Well, you'd just think that if the company has to cut back and make personnel sacrifices then maybe the CEO who's gettin 400 times the workers' pay should make a sacrifice too?
Yeah yeah I know, I'm being naive again.
Ludi wrote:Sixstrings wrote: maybe the CEO who's gettin 400 times the workers' pay should make a sacrifice too?
But he works 400 times harder than any other employee! Didn't you know?
How can he stand to take a pay cut when he's working so hard????
Pretorian wrote:Well why it does make perfect sense. CEOs, in general, get paid according to the performance of the company that they are CEOing. Contrary to the popular belief, there are a lot , a lot of people hired in a private sector that do nothing, just like their colleagues in the governmental sector. And the bigger the company the more human ballast they have. So obviously the company will perform better once they are gone, hence bonuses.
Outcast_Searcher wrote:Pretorian wrote:Well why it does make perfect sense. CEOs, in general, get paid according to the performance of the company that they are CEOing. Contrary to the popular belief, there are a lot , a lot of people hired in a private sector that do nothing, just like their colleagues in the governmental sector. And the bigger the company the more human ballast they have. So obviously the company will perform better once they are gone, hence bonuses.
That's how it SHOULD work. Lately that relationship seems sadly random for CEO's. Example: huge golden parachutes for being fired when the company performs badly and the stock tanks. (Big reward for success -- downside should be big risk for failure and they should get NO bonus OR salary when they royally screw up, IMO).
ILO data provides an alarming picture of joblessness, especially among the young, that surely threatens more political instability
A jobless recovery. Entrenched levels of high unemployment among the young. More than 1.5 billion people – half the global working population – in vulnerable or insecure jobs.
Those are the key findings of the latest health check on employment trends across the world released by the International Labour Organisation last night.
The ILO report makes depressing reading. Despite a relatively robust pick-up in growth during 2010, economic recovery made virtually no dent in the unemployment caused by the worst recession in the global economy since world war two. The official jobless figure stood at 205 million in 2010, but that is almost certainly an underestimate since many of those who would like a job have given up hope of finding one, while millions more are working part-time when they would prefer full-time employment.
At 6.2%, the global unemployment rate doesn't sound that alarming, but the overall figure conceals some worrying trends. Although the developed economies of the west account for only 15% of the earth's working population, they accounted for 55% of the increase in unemployment between 2007 and 2010. Sir Richard Lambert, the outgoing director-general of the CBI, made a timely intervention on Sunday when he urged the UK government to come up with a more comprehensive strategy for jobs.
Equally unsettling is the outlook for youth unemployment, which the ILO categorises as the number of people aged between 15 and 24 who are actively seeking working but unable to find it. There was a slight reduction in youth unemployment last year from 79.6 million to 77.7 million but the jobless rate for the young still stands at 12.6%.
In some countries, the outlook is even worse. Spain has youth unemployment of 40%, while young people in south-east Asia and the Pacific are 4.7 times more likely to be unemployed as adults. One of the root causes of the revolution in Tunisia was the unrest caused by having a growing number of young people without jobs: the ILO estimates that in north Africa as a whole "an alarming" 23.6% of economically active young people were unemployed in 2010.
Some countries recognise the threat to political stability created by this enforced worklessness. China's ruling elite fears the impact of large-scale joblessness among the young workers attracted into the cities by rapid industrialisation, and has pursued an aggressively expansionary economic policy to ensure that the labour market remains buoyant. In the US, the Federal Reserve has been acting less like a central bank and more like a continent-wide labour exchange, pumping billions of dollars into the US economy through the money creation process known as quantitative easing.
Other countries have yet to face up to the scale of the challenge represented by the ILO's data. Even in normal times, high levels of unemployment – especially among the young – are a headache for policymakers. But these are not normal times.
COSTA MESA, Calif. – Crisis counselors have been brought in to help stunned co-workers of a Costa Mesa maintenance worker who jumped to his death from the roof of City Hall an hour after he was called in to get his layoff notice.
Huy Pham, 29, jumped off the building at 3:20 p.m. Thursday and was pronounced dead at the scene, Costa Mesa police Lt. Bryan Glass said.
Pham was on a list of more than 200 people — nearly half of the city's workforce — targeted for layoffs in a drastic move to plug a $15 million budget hole. Those who received notices would see their jobs outsourced in six months.
Pham had worked for the city for 4 1/2 years, according to the Orange County Register. He had been at home with a broken ankle and was not supposed to work Thursday but was called in at about 2:30 p.m. to receive his layoff notice, the newspaper said.
"This is a tragic event for the city and all of its employees," Glass told the Register. "The city is concerned for their well-being and making efforts to help them through this."
Costa Mesa is about 40 miles south of Los Angeles
Huy Pham's brother, John Pham, said it was not evident that his brother was in distress.
"When the layoffs were coming, he thought he was probably going to be rehired" by the new contractor, John Pham told the Register. There was no indication Huy Pham was despairing, he said.
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