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Stock Market Crash

mikedrum4prez said:
maybe, however this almost incentives companies to lay folks off
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Just got out of a meeting where our analysis indicates that anyone making under $25.20 will be better off being furloughed. 6,000 employee company, and this applies to 22% of our workforce. YMMV at your company/in your state.
 
Probably a shitton of shorts covering there at the end of the day. Pretty crazy upswing the last 20 minutes or so.
 
Coach O said:
Just got out of a meeting where our analysis indicates that anyone making under $25.20 will be better off being furloughed. 6,000 employee company, and this applies to 22% of our workforce. YMMV at your company/in your state.
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Federal Government could easily pass something undoing the 600 per month though. Would hate to be having to count that not happening
 
Coach O said:
Just got out of a meeting where our analysis indicates that anyone making under $25.20 will be better off being furloughed. 6,000 employee company, and this applies to 22% of our workforce. YMMV at your company/in your state.
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I came to the same mathematical conclusion, although it depends on the state by state unemployment benefits.
 
Coach O said:
Just got out of a meeting where our analysis indicates that anyone making under $25.20 will be better off being furloughed. 6,000 employee company, and this applies to 22% of our workforce. YMMV at your company/in your state.
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How much do your unemployment tax payments go up if you lay-off that many workers?
 
palmab03 said:
I came to the same mathematical conclusion, although it depends on the state by state unemployment benefits.
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Looks like Massachusetts has the same unemployment plan as Coach O's state. So if you're making $40,000 ($19.23/hr) in Massachusetts, you get half that in unemployment plus $600 per week with this coronavirus relief. So, you'd be making $51,200 ($24.6/hr) now? I know there's not an easy/perfect solution, but this doesn't make a whole lot of sense to me and I assume even less to those employees who have been kept on and are now making 22% less than their colleagues who were furloughed.
 
Well, for starters its going to take people weeks to get any of that UI money.
 
And a lot of those people immediately lost healthcare coverage, which they’re now having to pay out of pocket. Also, the $600 hasn’t been applied yet. Apparently states are still waiting on guidance from the feds.

FTR it took NC about two weeks to get my first unemployment check but I got furloughed a few days before everyone else.
 
JManslow said:
And a lot of those people immediately lost healthcare coverage, which they’re now having to pay out of pocket. Also, the $600 hasn’t been applied yet. Apparently states are still waiting on guidance from the feds.

FTR it took NC about two weeks to get my first unemployment check but I got furloughed a few days before everyone else.
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Are employees who are furloughed not guaranteed healthcare benefits or is that up to the employer?
 
HuskyDeac said:
Are employees who are furloughed not guaranteed healthcare benefits or is that up to the employer?
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I think it depends based upon the employer but you’re offered COBRA coverage, which is crazy expensive for most people.
 
It's been clear and obvious for a long time (to most all decent and sane people) that we need a mechanism to provide health insurance to folks independent of their employer.
 
ConnorEl said:
It's been clear and obvious for a long time (to most all decent and sane people) that we need a mechanism to provide health insurance to folks independent of their employer.
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Hmmm. So Obamacare didn't provide this mechanism???
 
HuskyDeac said:
Are employees who are furloughed not guaranteed healthcare benefits or is that up to the employer?
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JManslow said:
I think it depends based upon the employer but you’re offered COBRA coverage, which is crazy expensive for most people.
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Not 100% sure the answer, but the main reason to furlough someone is to still be able to offer/pay for their insurance. If you're an employer not planning on paying for insurance, usually you just terminate the position.
 
palmab03 said:
Not 100% sure the answer, but the main reason to furlough someone is to still be able to offer/pay for their insurance. If you're an employer not planning on paying for insurance, usually you just terminate the position.
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Yeah and I’m only able to comment on my experience. We were told the company was “looking at paying our insurance” for the next month after March 31 but none of us have heard anything in the last week or so.
 
Colonel Angus said:
Hmmm. So Obamacare didn't provide this mechanism???
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Just the framework to move in that direction.


Unfortunately, although largely a Republican plan, Obamacare has met with pathological (hazardous) opposition from...ignoramus so-called “conservatives”
 
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