Wynn Resorts cuts salaries/work week

[katty]

more: http://news.yahoo.com/s/ap/20090203/ap_on_bi_ge/wynn_resorts_salary_cuts

LAS VEGAS – Wynn Resorts Ltd. said Tuesday it is cutting wages for all salaried workers at its Wynn Las Vegas casino and reducing work weeks for full-time hourly employees in an effort to save about $75 million to $100 million a year.

As the economic downturn keeps would-be gamblers at home, casino operators have struggled to cut costs and shore up their cash positions. Wynn said the new initiatives also include eliminating 2009 bonus accruals and suspending its 401(k) matching contributions.

"We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance," said Steven A. Wynn, chairman and chief executive, in a statement.

[Nickster]

1. It's getting alarming how many companies are "suspending" their 401k contributions. This is a virus

that is going to spread everywhere. First they got rid of pensions, now they are moving away from anything going towards employee retirements. What are the chances that any of these contributions are going to become un-suspended when the economy recovers?

[katty]

2. yeah, when-IF the econ recovers. i don't see companies

un-suspending the 401K contribs--once it is gone, it's gone. shedding jobs and turning america into a third world country (with, of course, rich, fascist leaders/corps running the ward). the message running through all of this chaos to the american worker: you're lucky to (even) have a lousy job, now pay your taxes, slave.

[boomerbust]

3. Lousy job

I was over at the local mini mart this morning and noticed a new worker manning the counter. He was about 25. We got to talking about wages and he said he made 8 bucks an hour. The way he was talking you would think he won the lotto.