Last Friday Crolles was closed due to strike action and on Thursday this week there will be a strike across all ST sites, says the staff union CAD-ST.
ST management has announced it will pay April wages late.
“The management of STMicroelectronics also announced a shift to May 5 and later payment of wages of April,” says CAD-ST, “it is obviously the employees in the most difficult situations that will suffer the consequences, it just for pennies saved on the head of each employees.”
Has ST got “cash flow problems?” asks CAD-ST.
“We do not believe it,” says the union, “because on the other hand, management had announced a few weeks ago a plan to buy back shares of 156 million euros for the “top management”, which is the equivalent of twenty years of the incentive bonus paid this year to the 10,000 French employees.”
The best ST employees are voting with their feet.
“Brain drain” has clearly begun on southern ST sites in France, many with simple resignation, that is to say without taking the voluntary redundancy plan, which is currently in France at STMicroelectronics,” says the union.
The proposed wage settlement for this year is expected to be unsatisfactory.
“Since last March, rumours increasingly strong suggest that the wage policy of ST this year, which will be announced May 19, 2015, would be very moderate for employees of production sites and void or almost zero for engineers and managers in France,” says CAD-ST.
The union is calling for the French government to start an investigation into ST management.
“The main shareholder of STMicroelectronics in France is the French State and it is investing more than 200 million euros per year,” says CD-ST, ” one can legitimately ask what is expected it to conduct an investigation on both social practices of the management of ST Crolles in France and that led to this situation, but also on the ability of the “top management “Franco-Italian define a real strategy to get out of the succession of failures which STMicroelectronics is facing several years. The example of ST-Ericsson case is only the illustrator of a systemic problem of management in ST. Hundreds of millions of euros were lost in ST-Ericsson, not a result of alleged market reversals but after deep mismanagement and strategy.”
The fear is that ST is heading for the same fate as ST-Ericsson – a series of disastrous trading results, failure to meet financial targets, large cash outflows and closure.
from News http://ift.tt/1EbGnbS
via Yuichun
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