General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAfter Company Executives Get Bonuses, Regal Theater Chain Cuts Employees’ Hours To Avoid Obamacare
Several major companies in the fast food and service industries have dug in their heels against Obamacare, deciding that they would rather protect their bottom lines than provide their employees basic health benefits. On Monday, Regal Entertainment Group which operates Regal Cinemas, Edwards Theaters, and United Artists screens in 38 states joined the war on health reform, announcing it will cut back non-salaried workers shifts to 30 hours per week in order to avoid giving them basic coverage.
The theater chain claims that it is simply trying to manage [its] budget
in accordance with business needs. But that assertion rings hollow considering Regals soaring profits and lavish executive compensation. In 2012, Regals stock went up by over 20 percent, and every single major company executive, including the CEO, CFO, and COO, received a six-figure pay increase. CEO Amy Miles made off particularly well, with her pay rising by 31 percent to $4.45 million for the year, bolstered by a base salary increase of $750,000.
Regal is in the minority. Multiple surveys have shown that approximately 94 percent of the nations large employers will either definitely or most likely provide workers health benefits under Obamacare, since they fear that not doing so will invite public backlash and could potentially drive away current and prospective employees to companies that treat their workers better. As an executive of Aon Hewitts U.S. health and benefits department put it, employers incentive to stop sponsoring health insurance is strong until you look at the numbers. Between the [Patient Protection and Affordable Care Act] penalties for failing to offer coverage and the ensuing talent flight risk, most employers believe they need to continue to play a role in employee health.
Still, as Regals decision demonstrates, not all companies are thinking quite that strategically. But this type of anti-labor practice is nothing new, and it extends far beyond Obamacare. Large companies and particularly those in the service sector have a long history of protecting profits by cutting hours, firing workers, slashing benefits, and generally shifting costs onto their employees. Obamacare just offers these corporations a convenient scapegoat.
http://thinkprogress.org/health/2013/04/17/1878481/regal-theater-obamacare/
graham4anything
(11,464 posts)Lasher
(27,566 posts)For being greedy creeps.
Fumesucker
(45,851 posts)Egalitarian Thug
(12,448 posts)There are very few things I dislike as much as being proven correct in my most cynical predictions. "I told you so" provides little solace, especially since, no matter how often we are right, we are still ignored, dismissed, and accused of having some bizarre agenda or other.
Fumesucker
(45,851 posts)And it's much easier to forgive someone for being wrong than for being right.
Ratty
(2,100 posts)"When all three chains went into bankruptcy, investor Philip Anschutz bought substantial investments in all three companies, becoming majority owner. In March 2002, Anschutz announced plans to consolidate all three of his theatre holdings under a new parent company, Regal Entertainment Group."
http://en.wikipedia.org/wiki/Philip_Anschutz#Political_and_Christian_activism
Can't you just feel that warm christian charity flowing from him?
wilsonbooks
(972 posts)and let them know what you think about this move
http://www.facebook.com/RegalEntertainmentGroup