MEMO
TO: All employees; Victoria Media
FROM: Brandon Rammrath, President B.R
DATE: April 18 2011
SUBJECT: Adjustment of the Retirement Contribution Scheme
Due to the heightening costs of health insurance, the board of directors regrets to announce a decision to reduce the company’s contribution to the retirement plan from the current 7% of each employee’s monthly gross pay to 4% of their gross monthly income beginning 1st January 2012.
However, the new Retirement Contribution Plan allows willing employees to successively raise their monthly contribution from the usual 7% up to 11% of their monthly pay to compensate for the 3 % reduction of the company’s contribution.
The Health insurance program generally remains unchanged for the concerned parties, even as the costs to the company continue to soar.
Thanks
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