Two things (CPI and RTO)

Anonymous · 2021-12-09T14:31:09Z

The annual inflation rate, as measured by the Consumer Price Index, is 6.2%. If you receive a pay raise anything less than that, Wells Fargo has issued you a pay cut. That is a stubborn mathematical fact that cannot be finessed or explained away with any level of jargon nervously thrown at you by your boss. With regards to our accelerated RTO plans. The 7-day rolling average of COVID deaths in the USA is currently 1,303, and rising. That’s still the delta variant, doing its predicted thing as we approach winter and more people are indoors, congregating for the holidays. Respiratory viruses looking for an entry point also love cool, dried- out mucus membranes this time of year. But like a hellish infomercial, wait, there’s more! A hyper-contagious, little-studied variant (omicron) is on its way in, having shut down several countries on its way. You might therefore ask what kind of crack the executive committee is smoking right now.

The annual inflation rate, as measured by the Consumer Price Index, is 6.2%. If you receive a pay raise anything less than that, Wells Fargo has issued you a pay cut. That is a stubborn mathematical fact that cannot be finessed or explained away with any level of jargon nervously thrown at you by your boss.

With regards to our accelerated RTO plans. The 7-day rolling average of COVID deaths in the USA is currently 1,303, and rising. That’s still the delta variant, doing its predicted thing as we approach winter and more people are indoors, congregating for the holidays. Respiratory viruses looking for an entry point also love cool, dried- out mucus membranes this time of year. But like a hellish infomercial, wait, there’s more! A hyper-contagious, little-studied variant (omicron) is on its way in, having shut down several countries on its way. You might therefore ask what kind of crack the executive committee is smoking right now.

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13 replies (most recent on top)

Rent in my area went up an average of 30%. Thank goodness we now have some form of rent control so as long as I don’t move the max increase is 10%….which they always enforce. Home prices on average also went up and are now around 800k so buying isn’t an option. So yeah I’d say inflation affects more than just milk and bread.

@zbt+1edM0m3u - Sorry to have to say this but math is hard. Yes, CPI is a reliable gauge of inflation but if the CPI goes up 1,000% and my wages go up 1,000% then I've done MUCH MORE than break even. Likewise if the CPI goes down 50% and my wages go down 50% then I'm toast.

Note, this is not a post in support of Wells and their decisions. I'm just as disgruntled as the rest of you. It is simply calling you out on flawed logic. Let the downvotes continue... it isn't personal.

@OP+1edM0m3u

If we die of COVID before February they don’t have to 401k match AND Charlie gets the increase in attrition he so desperately wants

Not to mention health benefit cost increases annually....it's why we all hop jobs every two years

Original poster here. CPI is a reliable gauge of inflation. Inflation is in turn a gauge of the value of currency. If a firm rewards your work in 2022 with a lesser value than it did in 2021, you have received a pay cut. You can dance around this, obfuscate it, engage in whatever tangential word or thought exercises you want, but the stubborn math of it still sits there, as unfazed by you as the Rock of Gibraltar.

Post ID: @vyk+1edM0m3u

Not true in all cases. Some folks get cost of living raises. Just not in corporate America. Why is that when they get record profits?

The answer to who benefits from that should tell you a lot.

For the 1,000,000th time, companies do not give cost of living increases, they tie pay to company performance, market conditions (what do your peers elsewhere make) and most importantly, how little can they get away with paying.

Your paycheck is not tied in any way to the cost of living.

OP, Wells Fargo isn't a great place to work and certainly we won't get a 6.2% raise... BUT...

I really don't understand why people think a 6.2% CPI increase necessarily means a 6.2% pay increase is needed to offset it (anything less is a paycut? stubborn mathematical fact?). The impact will vary for different people at different pay rates but CPI doesn't mean EVERYTHING has gone up for you.

https://www.bls.gov/cpi/overview.htm#:~:text=The%20CPI%20represents%20changes%20in,life%20insurance)%20are%20not%20included.

My mortgage is not changing and not part of CPI. My taxes are not changing and not part of CPI. But, yes, other smaller bills are going up.

If the CPI goes up 6.2% and if I also increase my salary by 6.2% (obviously a new job, not a raise here...lol) then I'm in a better spot and have moved forward.

@huz+1edM0m3u, please reread the original post. Nowhere does it assign blame to Wells Fargo on the USA’s inflation rate. Let’s try to remain focused.

All the commercial real estate loans on the books need bodies in those offices.

Wells Fargo has a huge stake in this.

If your boss tells you you’re getting anything less than 6.2%, politely thank him or her and ask if there’s anything you could have done differently in the last year to avoid a pay cut. That may prompt your boss to ask what you mean, in which case you can show him/her this: https://www.bls.gov/news.release/cpi.nr0.htm

Presumably management at this financial institution appreciates its employees being literate with regards to key economic indicators.

Actually that's wreckless fiscal policy / money printing that has cut your pay and then the company increasing your pay less than the cut. We can blame company leadership for a lot of things, but inflation isn't one of them.

to clarify, that’s 1,303 deaths a day, average, over the last 7 days

—original poster

Thread regarding Wells Fargo & Co. layoffs

Two things (CPI and RTO)

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