$70,000 * 0.0129 = $1,346 less over the 10 weeks, or about $135 per week, which is about $270 per pay period. Calculation 10% of $70,000/26 periods * 5 pay periods (10 weeks) = $1,346. The 1.29% is 10% of 5 pay periods / 26 periods per year.
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Not to mention, hourly employees are expected to "volunteer" to take a day without pay per week. Don't think so!
absolutely everything that happens continues to scream how employees are being scalped bit by bit. I wouldn't worry about more cuts, I'd worry about finding a job, before missing a check and then job. I understand not leaving before finding a new job, just understand all the cuts and rescinding, are acts of extremely desperate company on brink of ceasing operations. Just because they worked out an agreement with the gov't, doesn't mean they stay open regardless, they need operating funds, without that doors close.
Here is the math: Students = $. If no students, then no $. I get everyone wants answers but there aren't any. Cci''s enrollment is plummeting. They have no credit. All they have is what they are bringing in per student. That is all. There may have been some master plan to rebrand or sell intact, but that's very unlikely to happen now. Broke is broke.
Do all the math you want. No money is no money. Even if there is another term, layoffs will occur long before. ECPO had 27,000 students in spring term. Now they are down tom16,000. And CCI schools have to disclose sale and/or closing info on websites. New enrollee a must be informed. IL, MN and vets in CA are no longer allowing CCI schools to enroll. Textbooks are not going out yet 2 weeks into term at ECPO, because they can't pay vendor. There is NO line of credit. CCI is limping along at best. Even if it makes it to another term, again, massive layoffs are on the horizon. If states and other states don't allow vets to enroll, that's it. Vets are their biggest push. Remember, no students, money. And don't listen to what management tells you. I worked for ECPO and was promised I would have work. I do not. They lie to keep you around. Do whatever you want with this information. But, it is not good.
Those appear to be low ball estimates of money...factor in more salaried employees out of 12,000. Then factor in the week that full-time faculty and hourly employees could voluntarily take...perhaps $9-12 million
If we say the average salaried employee looses $1000 and we say their are about 2500 salaried employees then the company saves $2,500,000. The monitor's fees are $200,000 and the reserve for refunds are $30 million. Are they trying to chip away at those numbers?
Oh, I am not suggesting that there won't be another cut before the 10 weeks is up. Who knows, maybe another 10% cut in four or six weeks. I do not expect the cuts to end. Stated differently, I expect cuts all the way until the end of CCi.
This 10 weeks gets us through the Summer term. What happens after the Summer term? Will there be a Fall term? Will there be another 10% cut? What about annual appraisals of performance?