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Kenya Airways...why ignore..
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Spikes
#3451 Posted : Tuesday, February 09, 2016 6:06:32 PM
Rank: Elder

Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...


A good strategy like that of MSC where pay cuts and some benefits were scrapped off employees' emoluments. It will pay off in the long run. Caveat: don't expect price rally tomorrow.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Othelo
#3452 Posted : Tuesday, February 09, 2016 6:31:21 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Spikes wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...


A good strategy like that of MSC where pay cuts and some benefits were scrapped off employees' emoluments. It will pay off in the long run. Caveat: don't expect price rally tomorrow.

That is a stupid move, will take KQ nowhere!!!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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obiero
#3453 Posted : Tuesday, February 09, 2016 8:08:00 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,251
Location: nairobi
Othelo wrote:
Spikes wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...


A good strategy like that of MSC where pay cuts and some benefits were scrapped off employees' emoluments. It will pay off in the long run. Caveat: don't expect price rally tomorrow.

That is a stupid move, will take KQ nowhere!!!

Considering a loss in excess of 25B, KES 450M savings look like peanuts.. However, its the thought that counts.. The sum total of all austerity initiatives and not a single item
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maka
#3454 Posted : Tuesday, February 09, 2016 8:25:32 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Othelo wrote:
Spikes wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...


A good strategy like that of MSC where pay cuts and some benefits were scrapped off employees' emoluments. It will pay off in the long run. Caveat: don't expect price rally tomorrow.

That is a stupid move, will take KQ nowhere!!!


Not really the amount of funds the company is going to save going forward will be out of this world some few Billions...the crisis will end ...not now...but it will end...but that f***er Naikuni and Alex Mbugua should be jailed...the dude is out there Scot free enjoying his retirement and getting pension...while the remaining employees forgo a whole year of retirement savings...unforgivable
possunt quia posse videntur
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obiero
#3455 Posted : Tuesday, February 09, 2016 8:26:57 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,251
Location: nairobi
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VituVingiSana
#3456 Posted : Tuesday, February 09, 2016 9:26:47 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...

Hold on. Explain this to me.
If KQ employees stop their contributions [taken from salaries paid] to the Provident Fund how does that help KQ?

If I make 100,000 [take home after taxes/NHIF/NSSF] & contribute 5,000 to the Provident Fund [reducing my take home to 95,000] that's my contribution. How is KQ affected?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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obiero
#3457 Posted : Tuesday, February 09, 2016 9:45:57 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,251
Location: nairobi
VituVingiSana wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...

Hold on. Explain this to me.
If KQ employees stop their contributions [taken from salaries paid] to the Provident Fund how does that help KQ?

If I make 100,000 [take home after taxes/NHIF/NSSF] & contribute 5,000 to the Provident Fund [reducing my take home to 95,000] that's my contribution. How is KQ affected?

Employers have a matching component, so if employees agree to drop their contrubution then the employer saves.. Wewe kwani hujawai kuwa employee??
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VituVingiSana
#3458 Posted : Tuesday, February 09, 2016 10:43:45 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
obiero wrote:
VituVingiSana wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...

Hold on. Explain this to me.
If KQ employees stop their contributions [taken from salaries paid] to the Provident Fund how does that help KQ?

If I make 100,000 [take home after taxes/NHIF/NSSF] & contribute 5,000 to the Provident Fund [reducing my take home to 95,000] that's my contribution. How is KQ affected?

Employers have a matching component, so if employees agree to drop their contrubution then the employer saves.. Wewe kwani hujawai kuwa employee??
No.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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maka
#3459 Posted : Wednesday, February 10, 2016 7:13:53 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
VituVingiSana wrote:
obiero wrote:
VituVingiSana wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...

Hold on. Explain this to me.
If KQ employees stop their contributions [taken from salaries paid] to the Provident Fund how does that help KQ?

If I make 100,000 [take home after taxes/NHIF/NSSF] & contribute 5,000 to the Provident Fund [reducing my take home to 95,000] that's my contribution. How is KQ affected?

Employers have a matching component, so if employees agree to drop their contrubution then the employer saves.. Wewe kwani hujawai kuwa employee??
No.


For KQ its 10% - 10% so the whole amount will be held by the airline instead of going to the PF...
possunt quia posse videntur
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VituVingiSana
#3460 Posted: : Wednesday, February 10, 2016 10:06:43 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
maka wrote:
VituVingiSana wrote:
obiero wrote:
VituVingiSana wrote:
maka wrote:
Mid and top level managers have agreed to stop their contributions to the KQ provident fund...This will release some 450m plus for the year...discussion with other employees still ongoing...duty allowance also stopped...

Hold on. Explain this to me.
If KQ employees stop their contributions [taken from salaries paid] to the Provident Fund how does that help KQ?

If I make 100,000 [take home after taxes/NHIF/NSSF] & contribute 5,000 to the Provident Fund [reducing my take home to 95,000] that's my contribution. How is KQ affected?

Employers have a matching component, so if employees agree to drop their contrubution then the employer saves.. Wewe kwani hujawai kuwa employee??
No.


For KQ its 10% - 10% so the whole amount will be held by the airline instead of going to the PF...
Please explain further, I did not understand it.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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