Anyone think that Wells Fargo has taken out blanket insurance policies on employees naming the company the beneficiary in the event of our passing? It adds a different, more sinister facet to the return to office strategy.🤷🏻
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I just submitted a question about BOLI (Bank Owned Life Insurance) for Chuckles Q&A on the 22nd. Let’s see if he has the stones to answer it or if he’s just going to corporate speak/white/woke/mansplain his way through it like he normally does.
Charlie has a habit of glossing over confrontation worse than the cheap gloss they use on his Hudson Harbor manicure, so I don’t have any hope that he’ll honestly answer a direct question, but it’s worth a shot.
Every Wells Fargo employee has a life insurance policy as a standard benefit and WF pays the premium for you. I truly doubt that a bank this cheap would pay for anything beyond this benefit for any more than 1 level below CEO.
When I worked at Wachovia in 2005, the company asked for our consent to take out a life insurance policy on us. They told us it would be used to lower health insurance for employees who didn't make as much as we did. I later regretted doing it.
“Bank-Owned Life Insurance (BOLI) is a tax efficient method that offsets employee benefit costs. The bank purchases and owns an insurance policy on an executive's life and is the beneficiary. ... Upon the executive's death, tax-free death benefits are paid to the bank”.. sinister indeed.
They surely have. It's called Bank-owned life insurance (BOLI). It's a way to make some extra profit. It's kind of unethical, but every bank does it. There's a lot of info on it with some Google searches.
Look up "dead peasant insurance"
Considering the fact that Wells Fargo needs to jettison 50k more US employees to line up with their industry rivals, why not make some money while doing it? It’s not like they’re going to replace you once you’re gone. They don’t care if you leave on your own or in a box, they just don’t want to pay for it.
The pair of Jokers are the COO and Santos
Looks like Chars in Charge is playing the long game using poker rules. He’s going to bluff his way till the end and cash out his chips. Ask him to see his hand. I doubt he has a straight or a flush. He’s lucky if he has a pair of Jokers.
Anyone know if anything ever happened with employer liability shielding? Nothing passed Congress (big surprise). WF would still be on the hook for damages as a result of Covid for putting us all in harms way with RTO.
Making us go back even three days a week may also void any additional contingency policies they may have. They are creating the hazard. Insurance companies don’t pay out if you knowingly expose yourself to a risk. It’s like not trimming a tree and having the overgrown branches damage your roof or wreak your car during a storm. Even though it’s “an act of God” you could have still avoided risk of damage by taking precautions. I have a feeling the COO didn’t think this through. Always prepare for the sky to fall. This is going to turn around bite them reputationaly and in the profit margins.
Either way you shake it, we’re all worth something to someone? I’d just like to stay alive.
Not generally a tinfoil hat wearer, but yeah, isn’t there some kind of corporate continuity policy related to employees being managed as resources? In the event of material loss of corporate real estate or infrastructure, they are considered insurable assets because their loss directly affects the business. The same can be said about an employee’s loss as well. Obviously a family would feel that and be compensated with whatever insurance the employee took out at benefits enrollment time, but the business would also suffer a loss too. It would make sense that they’ve also covered themselves as well by insuring themselves for losses that may come as a result of our passing. I guess we are worth something to Wells Fargo.
You should use your time to find another job!