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AFL-CIO Takes on WorldCom
The AFL-CIO is working to secure severance pay, medical coverage and other benefits for laid off WorldCom workers and is meeting with WorldCom attorneys to press the company to keep its promises.
WorldCom arbitrarily set a $4,600 ceiling on the amount of severance pay workers could receive and AFL-CIO President John Sweeney, at a Wall Street "No More Business as Usual" rally, said the labor federation will go to court, if necessary, to help the more than 17,000 laid off workers. Similar action by the AFL-CIO resulted in a $34 million payment to laid off Enron workers.
CWA President Morton Bahr said the labor movement was fighting hard to make certain that WorldCom workers received the benefits they earned.
Thousands of WorldCom workers lost their jobs and their retirement security, as the value of their 401(k) plans, with worthless WorldCom stock, dropped drastically.
To date, several WorldCom executives have been indicted on charges of securities fraud, conspiracy and other actions that artificially boosted the company's bottom line, resulted in a shortfall of $8 billion and ultimately forced WorldCom into bankruptcy.
WorldCom arbitrarily set a $4,600 ceiling on the amount of severance pay workers could receive and AFL-CIO President John Sweeney, at a Wall Street "No More Business as Usual" rally, said the labor federation will go to court, if necessary, to help the more than 17,000 laid off workers. Similar action by the AFL-CIO resulted in a $34 million payment to laid off Enron workers.
CWA President Morton Bahr said the labor movement was fighting hard to make certain that WorldCom workers received the benefits they earned.
Thousands of WorldCom workers lost their jobs and their retirement security, as the value of their 401(k) plans, with worthless WorldCom stock, dropped drastically.
To date, several WorldCom executives have been indicted on charges of securities fraud, conspiracy and other actions that artificially boosted the company's bottom line, resulted in a shortfall of $8 billion and ultimately forced WorldCom into bankruptcy.