Thursday, October 05, 2006

Industry Job Loss

"100,000 will soon be fired in our industry, including well over 30,000 at Deutsche Telecom and tens of thousands more at Alcatel Lucent, Nokia Siemens, and AT&T - BellSouth. Many of those fired, especially older folk, will never find a decent job again. Klaus Kleinfeld and other Siemens executives are giving up 5 million euros in pay increases to enhance the fund for fired ex-Siemens workers at BenQ, after a massive public outcry led by German clergy. Few other CEOs are likely to follow that example." This on top of the more than 200,000 jobs that have been shed due to mergers and cost reduction. Now wonder BusinessWeek says only Healthcare had a net job gain.

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