Wednesday, July 23, 2014

Big Evil Oil Company Generous With Retirement Bennies. Facebook Not So Much

So, we all know that rapacious evil corporations are always and everywhere screwing over the worker and denying the working people their due.  But which companies are relatively more rapacious and skinflint than others?

I'm guessing big evil oil companies are the worst, they have to be, right?  And enlightened, progressive Silicon Valley icons are shining counter examples, amiright?

A first-of-its-kind ranking of 401(k) plans at the 250 biggest companies in the U.S. found that ConocoPhillips and Abbott Laboratories are among those that provide the most lucrative retirement benefits. Among the least generous are Facebook Inc., Inc. and Whole Foods Market Inc.
ConocoPhillips, a Houston oil and natural gas producer, topped the Bloomberg News rankings of the largest public companies’ 401(k) plans, largely due to a matching formula that contributes 9 percent of annual salaries for employees who save as little as 1 percent of their pay.
Facebook finished last in the Bloomberg rankings, which were based on 2012 data, the latest available for all companies. The Menlo Park, California-based social media company didn’t offer any match at the time. It started making contributions in April to its 401(k) plan.  
Time to rethink the narrative?  Nope.  It's NEVER time to rethink the narrative.  The narrative is all.


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