The economy is not being resuscitated anytime soon and the constant layoffs and/or downsizing doesn’t seem to be letting up. Along with Chrysler and GM, Macy’s, the historic department store favorite, is apparently experiencing similar difficulty and is dropping 7,000 of their workforce. But, there isn’t a system set up at Macy’s like the carmakers had grown accustomed to.
The program referred to as the “jobs bank” allows an employee, once they lose their job to receive almost all of their wages. Now the plants are eliminating the jobs bank along with the jobs. The United Auto Workers (UAW) is making sure that the employees are still protected, but for the strapped corporations they see no other way to avoid bankruptcy. Read here to see the deal they’ve struck with the union to stay afloat.