Are you angry at Wabtec workers who earn $35 per hour? Before you write your letter to the editor, read this.
The Security and Exchange Commission requires compensation disclosure of all public companies. To quote their website: The Summary Compensation Table provides, in a single location, a comprehensive overview of a company’s executive pay practices. It sets out the total compensation paid to the company’s chief executive officer, chief financial officer and three other most highly compensated executive officers for the past three fiscal years. (https://www.sec.gov/fast-answers/answers-execomphtm.html).
Here is the 2018 compensation table for Wabtec:
Feel free to peruse the report yourself. (https://www.sec.gov/Archives/edgar/data/943452/000114036119006593/ntp10000723x1_def14a.htm#tCDA) You may also view how much stock these individuals owned at year end, shareholders who owned more than 5% of Wabtec’s common stock as of March 22, 2019 (GE owns 25%), and a variety of other information.
So why are many residents siding with these executives rather than the $35-per-hour workers?
I believe Corporate America is pitting middle-class workers against each other. (Review the recent ad Wabtec took out in a local paper.)
But my friend, Dr. Nancy Hogan, professor at Ferris State, says it best. “The economy is driven by consumers—you and me—but the rhetoric that corporations are ‘job creators’ brainwashes everyone into believing we have to take a pay cut to ‘keep the jobs’. Show me one CEO who has taken a pay cut to help either the workers or the company. Higher wages from unions raise the wages of non-unions. But the people side with those making 300+% more than the workers rather than workers who are a reflection of themselves.”
Cyndie “CJ” Zahner has lived in the Erie community her entire life. She is a retired grant writer/administrator and now writes fiction novels. Her husband, brother-in-law, and nephew-in-law work at Wabtec. Her brother, Mike Filutze, is a GE retiree. Her father-in-law, Edwin Zahner, was a proud GE employee for thirty-seven years. Follow Cyndie on Instagram, Twitter, Facebook, Goodreads, BookBub, LinkedIn and purchase her books on Amazon. See her BookCircle Online interview here.