Brothers and Sisters
The E-Board recently met with the hierarchy of the company. This meeting was held with all PSE&G Unions (New Jersey, Albany, and Connecticut). In addition, all Directors and Managers were provided information regarding the meeting. As a result, the company will be coming around to explain some of the proposed plans.
Before I mention some of the details I must inform you that many of these Ideas are just that, Ideas! Nothing is final, binding or contractual. It is extremely important that our membership understand this, so dispel the rumors. As far as Local 601 many of these Company ideas MUST Be Negotiated and Require BPU Approval.
Due to the Company’s unrealistic strategy to petition a substantial rate increase in a recession from ratepayers was countered with a reasonable compromise of 100 million dollars instead of the overly zealous 160 million. Moving forward, the Company is now trying to recover the $60 million that is not a loss, because they never had it. These recouping efforts touch all lines of businesses and all the Unions. Many discussions are focused on many ideas of office consolidations, process changes, redistribution of jobs, staffing and increased productivity.
The financial stability and growth of the company is far from dire. As a matter of fact, the Company is on course to make more than 1.5 billion in 2010 (555 million last quarter) and paid approximately $170 million in dividends last quarter to stockholders (paid dividend at least the last 9 quarters). On that pace the Company is paying more than 680 million to stockholders a year.
Now don't get me wrong we want the Company to make as much profit as possible. However after you have sacrificed your family life and given every inch of your being, worked forced overtime for more than a year, navigated the new system (which still isn't correct), provided customer service with inferior tools, you all deserve your fair share of the pie.
This company is doing well now and the projected earnings in the future will undoubtedly be substantial. They are fairing far better than many companies during these hard times. Continue to stay Unified and demand your reasonable share of the pie, which you have worked so hard for. On October
23rd, come out to the Unity Conference registration begins at 11:00am,
conference begins at 12:00noon.
*******************************************************************************************************
Unity Conference-Hold The Date
OCTOBER 23rd, 2010
Our union convention is right around the corner. Come out to the morning meeting to get updates and meet those that represent you. If you don’t know ask somebody; that attended our last convention was an elegant,rewarding and enjoyable convention. The Hyatt Regency in New Brunswick, NJ is where you want to be that day, now hold the date and check back for room rates and more updates.
Rooms are now available call the Hyatt and reserve your room:
RATES - 732-873-1234
Singles and Doubles: $129.00
Triple: $154.00
Jr. Suites: $179.00
Meter Readers go Orange
After some discussion with the company and our H&S committee, Meter Readers can now go Orange or Brown. You will be given a choice on which color you would like, sorry not both. If you are reading near or on a highway, interstate or busy truck routes you will for safety reason be required to wear orange.
