Just Say NO to Walmart
One more reason NOT to shop at Walmart. Anna
Last year, Wal-Mart Stores Inc. settled a lawsuit over the practice. The six families who were part of the lawsuit argued that Wal-Mart never told workers about the life insurance policies, something the company disputed. Wal-Mart is one of many large U.S. companies in recent years that have taken out policies on the lives of employees, ranging from executives to workers on the bottom rungs of the pay ladder, with the goal of collecting benefits when the employees die.
Corporations are now taking out life insurance policies on their low-income employees without the employee's knowledge or consent. These policies are called Corporate-Owned Life Insurance (COLI). But the insurance industry calls them "dead janitor's or dead peasant's insurance."
An attorney for Hartford Life Insurance, which sells such policies, estimated that one fourth of all Fortune 500 companies have COLI policies on the lives of 5-6 million people. Wal-Mart has taken out COLI on 350,000 employees.
National Convenience Stores got $250,000 when one of their employees was killed in a robbery. Wal-Mart got $64,000 when an employee died of a heart attack. The families of these employees got nothing.
http://www.theleftcoaster.com/archives/003783.php
Last year, Wal-Mart Stores Inc. settled a lawsuit over the practice. The six families who were part of the lawsuit argued that Wal-Mart never told workers about the life insurance policies, something the company disputed. Wal-Mart is one of many large U.S. companies in recent years that have taken out policies on the lives of employees, ranging from executives to workers on the bottom rungs of the pay ladder, with the goal of collecting benefits when the employees die.
Corporations are now taking out life insurance policies on their low-income employees without the employee's knowledge or consent. These policies are called Corporate-Owned Life Insurance (COLI). But the insurance industry calls them "dead janitor's or dead peasant's insurance."
An attorney for Hartford Life Insurance, which sells such policies, estimated that one fourth of all Fortune 500 companies have COLI policies on the lives of 5-6 million people. Wal-Mart has taken out COLI on 350,000 employees.
National Convenience Stores got $250,000 when one of their employees was killed in a robbery. Wal-Mart got $64,000 when an employee died of a heart attack. The families of these employees got nothing.
http://www.theleftcoaster.com/archives/003783.php
Starmail - 25. Apr, 10:42
