CenturyLink announces layoffs despite massive tax windfall

CenturyLink has announced plans to cut jobs across the country, despite receiving $1.1 billion as a result of last year's Tax Cut and Jobs Act.

"CenturyLink has made its priorities clear. Instead of looking out for their customers and employees, they are chasing short-term gains in order to boost stock prices and put more money in the pockets of their large shareholders and top executives," said Brenda Roberts, Vice President of Communications Workers of America District 7 which represents more than 11,000 workers at CenturyLink.

"It's disgraceful," said Lisa Bolton, Vice President of CWA's Telecommunications and Technologies Sector. "Cuts like these devastate working families and the communities that CenturyLink serves. CenturyLink is laying off well-trained, dedicated employees and trying to get by with low-wage contractors while CEO Glen Post looks forward to a gold-plated retirement."

CenturyLink came under fire last year after paying huge bonuses to top executives while claiming to be too short on cash to pay traditional Christmas bonuses to employees. CEO Glen Post, who earned $14.7 million in total compensation last year, has announced that he will retire after next week's shareholders meeting.

President Trump and Republican leaders in Congress promised that corporations would use their tax cuts to invest in American workers by raising wages and create jobs. Instead corporations like CenturyLink have continued to outsource jobs, lay off workers and abandon their responsibilities to communities across our country.

 

Link:

CenturyLink Announces Layoffs Despite Massive Tax Windfall (CWA, May 3, 2018)