Thursday, February 19, 2004Borders, INC profits are up 12% this year, but their employees' salaries will only increase 3% - barely keeping up with inflation, if that:
" ... But Borders officials said they would not raise salaries for their employees, despite an expected 12 percent increase in earnings from the previous year.
Recently released unaudited results for the holiday season and the full year 2003 show that retail sales and earnings per share rose from the last year.
Jim Kirk, an employee at the Ann Arbor store, said he was pleased with the profit results, as they would allow the company to pay its employees more.
But Anne Roman, corporate spokesperson for Borders, said the question of raising benefits and wages does not arise in Ann Arbor since the agreement signed with the union covered all the demands the union’s demands.
Borders has an ongoing commitment to awarding increases in pay, she said. “Last year we awarded a 3 percent increase, and again this year we are awarding a 3 percent increase,” she said. ... "
> Daily: "Borders' earnings will not bring greater salary raises"
Posted by Rob at 10:51 AM