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no raise this year

March 4th, 2006 at 04:43 am

walked with mom for 55 min

We had an all-hands meeting at work today where the main boss told us the news, no raises this year. It seems that the company that bought us gives out their merit increases the first week of Jan. So since they took over the second week, everyone in our company is out of luck till next year. Gee! do you think they planned the timing of that move? PLEBHHHH!!!

But according to our manager we should be happy because next year we'll probably get 10-15% raises. Yeah right. Assuming we all still have jobs by then. Regardless that would be 5% each year and money today is always worth more than money tomorrow.

I had alreay increased my 401K contributions in anticipation of at least a little raise. I was working on my budget and I'm $17 over each month. I don't count extra money that comes in like rebates, etc and I don't count the two months were i get 3 paychecks so I can easily cover the $17, but I wanted to loosen up a little and maybe save/invest even more.

Speaking of 401Ks that was the other kicker. The old company matched 5% and the new company will match 6% with a possibility of 9% depending on how much money they make. But that doesn't kick in until July 1 and when it does kick in all the matching money goes into their stock and you can't sell it. Hasn't anyone learned anything from Enron, etc? It is not a good idea to hold so much company stock. Who knows what the value of that will be in 5 years when I'm hopefully ready to retire?

The old company match went wherever you directed it. All of that money and all of my weekly paycheck contributions still goes where I direct it, but they are talking about changing our investment provider, so who knows what the new options will be?

But we should all be very happy about this. I think that's what ticked me off the most, the manager kept telling us what opportunities there were and how we should all be excited about all of these changes and next years raise, etc. Standing in a pile of cr@p and he can't smell anything. Don't tell me what to think or how to feel about the fact that you're screwing with my money. They are basically telling me that all the work I did last year has no merit, because the company was took over the second week of January.

Then for the last piece of news. The managers finished our reviews, LATE, but HR mandates that they have to deliver them to us and have them signed and returned by next Friday. So of course the managers have no time to talk to everyone, so we're supposed to just go out and read our reviews, sign them and return them and don't bother asking managers to take a lousy hour out of the whole year to actually talk to you about your job. Some people had to write their reviews. What's the point, just skip the whole ordeal, it obviously means nothing, since there is no merit attached to it.

Sorry for the rant, but this has been stewing all day.

Got a free sample of Olay Regenerist in the mail today.

Finished reading the library book Yes, You can still retire comfortably! by Ben Stein and Phil DeMuth. Finance. Good. The book details some scary scenarios about the future for the baby-boomer retires. Mostly about how they won't be able to retire because they spent everything they earned their whole lives and how the government is over-burdened and won't be able to provide for them with Social Security and Medicare. It had some ideas on how to invest for retirement, but they are too conservative for me. The book if very short, 180 pages and worth reading. There's some very funny lines in the book, which I'm sure came from Ben Stein. He has a very dry sense of humor.

3 Responses to “no raise this year”

  1. baselle Says:

    I hear you sister! Peeing on your leg and calling it rain.

  2. retire@50 Says:

    LOL

  3. kashi Says:

    That totally sucks. You'd think the least they could do is give you cost of living raises. Been there, done that, so I feel for you.

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