IUE-CWA Members Take Message to GE Shareholders

Apr 24, 2001, 01:00 ET from Communications Workers of America

    ATLANTA, April 24 /PRNewswire Interactive News Release/ -- Members of the
 Communications Workers of America and the International Union of Electronic
 Workers-CWA -- CWA's industrial division -- are calling on General Electric
 Co. shareholders to move the company in the right direction by supporting fair
 treatment for workers and retirees. Union members and retirees will take that
 message to shareholders at the company's annual meeting on April 25 in
 Atlanta.
     Union members and retirees from CWA and IUE-CWA will leaflet outside the
 Atlanta Civic Center, beginning at 8 a.m., then will join shareholders inside
 as they consider several resolutions.
     IUE-CWA members are calling on GE to expand its corporate Code of Conduct
 to include basic rights for workers in every country in which GE operates.
 These include the right to form a union and bargain collectively; to refuse
 forced labor and reject child labor; and to work free from discrimination. Top
 GE management doesn't support this proposal, but is content to follow the
 lowest possible standards instead of setting the standard for fair treatment
 workers around the world, IUE-CWA charged.
     CWA also is reminding shareholders that GE has broken faith with the
 workers who built the foundation for its success, by refusing to raise retiree
 pensions and share the wealth that employees have helped create.
     Because the GE Pension Plan doesn't include a cost-of-living adjustment,
 retirees continue to lose ground to inflation every day, despite occasional
 adjustments to pensions. Workers who retired before 1986 were hit with a 60
 percent increase in the cost of living; last year's pension increase of 15 to
 35 percent doesn't come close to keeping up with that inflation.
 Workers who retired after June 1997 have already lost seven percent of their
 purchasing power, since they received no pension last year.
     GE certainly can afford pension fairness. The GE pension fund has $21.3
 billion more than is needed to meet the fund's obligations. This overfunding
 boosts GE's bottom line, and last year added $1.75 billion to the company's
 operating profits. This profit increase pads bonuses and compensation for top
 executives but does nothing for retirees, IUE-CWA pointed out.
 
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SOURCE Communications Workers of America
    ATLANTA, April 24 /PRNewswire Interactive News Release/ -- Members of the
 Communications Workers of America and the International Union of Electronic
 Workers-CWA -- CWA's industrial division -- are calling on General Electric
 Co. shareholders to move the company in the right direction by supporting fair
 treatment for workers and retirees. Union members and retirees will take that
 message to shareholders at the company's annual meeting on April 25 in
 Atlanta.
     Union members and retirees from CWA and IUE-CWA will leaflet outside the
 Atlanta Civic Center, beginning at 8 a.m., then will join shareholders inside
 as they consider several resolutions.
     IUE-CWA members are calling on GE to expand its corporate Code of Conduct
 to include basic rights for workers in every country in which GE operates.
 These include the right to form a union and bargain collectively; to refuse
 forced labor and reject child labor; and to work free from discrimination. Top
 GE management doesn't support this proposal, but is content to follow the
 lowest possible standards instead of setting the standard for fair treatment
 workers around the world, IUE-CWA charged.
     CWA also is reminding shareholders that GE has broken faith with the
 workers who built the foundation for its success, by refusing to raise retiree
 pensions and share the wealth that employees have helped create.
     Because the GE Pension Plan doesn't include a cost-of-living adjustment,
 retirees continue to lose ground to inflation every day, despite occasional
 adjustments to pensions. Workers who retired before 1986 were hit with a 60
 percent increase in the cost of living; last year's pension increase of 15 to
 35 percent doesn't come close to keeping up with that inflation.
 Workers who retired after June 1997 have already lost seven percent of their
 purchasing power, since they received no pension last year.
     GE certainly can afford pension fairness. The GE pension fund has $21.3
 billion more than is needed to meet the fund's obligations. This overfunding
 boosts GE's bottom line, and last year added $1.75 billion to the company's
 operating profits. This profit increase pads bonuses and compensation for top
 executives but does nothing for retirees, IUE-CWA pointed out.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X60373962
 
 SOURCE  Communications Workers of America