The following is from a recent letter to the editor of the local newspaper. It appears as published, except for the omission of one short paragraph which is relatively extraneous, and of the name of the old established, large company which employed the retiree :
I am a veteran of the Korean and Vietnam wars, and I retired from [company name] in 1994 for a small pension plus health benefits.
We fought for those benefits for years. [Company] took away my health benefits in January, saying they could not afford it anymore.
The retired CEO of 10 years received $9 million plus a million shares of stock. The new CEO starts at $747,000 per year and 1.1 million shares of stock, in addition to a big bonus.
As a veteran and devoted employee of the company for 40 years, I deserve my promised benefits.
The moral (if that’s the right word) of the story? Any loyal employee who thinks this kind of stuff only happens on Wall Street had better think again, not put too much stock in corporate promises, and sock away a few million spare dollars just in case you don’t work your way up to CEO before you retire.