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Re: Good for Starbucks
Posted by **comic relief** on Aug 28, 2013 at 1:03:37 AM:
In Reply to: Good for Starbucks posted by **bon bon** on Aug 27, 2013 at 10:09:50 PM:
*Starbucks won't cut benefits because of Obamacare
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*Starbucks CEO: We won't cut benefits because of Obamacare
*By Jose Pagliery @Jose_Pagliery August 27, 2013: 12:17 PM ET
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*Starbucks' CEO says he won't cut employee benefits because of Obamacare.
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*NEW YORK (CNNMoney)
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*Starbucks' CEO acknowledged that Obamacare might increase insurance costs, but said the company's benefits are non-negotiable.
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*While other U.S. companies have cut staff or benefits in anticipation of next year's health care overhaul, Howard Schultz said Starbucks (SBUX, Fortune 500)' insurance plans will stay in place -- for everyone.
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*"It's not about the law. It's about responsibility we have to the people who do work and who represent us," Schultz told CNN on Tuesday.
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*The coffee chain is unique in its policy: Even part-time workers are eligible for insurance. In 2010, benefits cost the company $300 million, more than it paid for coffee.
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*But Schultz said the benefits will remain a cornerstone of the company's compensation for its 160,000 employees, even though it could be more expensive next year due to Obamacare's "unintended consequences."
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*"It may end up costing us more... but I don't think that is the primary issue," Schultz said. "Starbucks does not want to leave people behind."
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*His comments put him in stark contrast with other business owners, who have taken drastic measures to reduce costs next year.
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*Last week, UPS (UPS, Fortune 500) said it will cut insurance to 15,000 workers' spouses. Last year, pizza franchise Papa John's (PZZA) announced plans to cut workers' hours in order to dodge the employer mandate.
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*"I don't believe that...the health care law should be a reason or a motivation to cut benefits for either the employee or spouses," Schultz said. "An investment in your people is an investment in shareholder value."
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*Over the years, Schultz's commitment to employee benefits has been unwavering. Even when Starbucks took cost-cutting measures like shutting down stores and laying off employees, health care benefits -- which also include dental and vision -- have remained intact.
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*-- CNN's Poppy Harlow and Maggie Lake contributed to this report. To top of page
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*First Published: August 27, 2013: 12:17 PM ET
I read this same article this afternoon and thought about the thread below. It's easy to point the finger at Obamacare, but the actual reason that companies are changing their benefit plans is their bottom line. It's all about the almighty dollar and nothing else. Hopefully Obamacare can be amended and corrected and get to a point that it's beneficial to all, but I think the only way to do that would be to put government restrictions on the healthcare industry. Basic necessities of life like healthcare should not be for profit businesses. Obviously there is overhead and other costs that need to be built in, but there should not be shareholders hoping to profit from these companies. Doctors need to be compensated properly due to the amount of education and the commitment needed, but they shouldn't have to overcharge for services in order to cover their malpractice premiums. I don't bemoan doctors being paid a premium salary, but I definitely have a problem with insurance companies providing limited coverage in order to ensure their shareholders quarterly dividends. There are plenty of commodities and other businesses to bet on in order to make a profit, so the well-being of our country's citizens should not be based on profits.
Call it socialist, but it's something that just makes sense. There's enough money to be made in every other industry, so take the profit out of healthcare if anyone is really interested in improving the quality of life for the residents of our country.Followup Messages:
- Re: Good for Starbucks - **Hippie J** - Aug 28, 2013 at 5:26:39 AM
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Last updated on Aug 28, 2013