Sherwin Williams Workers Worldwide are Losing Retirement Benefits
Sherwin-Williams Suspends 401(k) Matches which in my eyes is a sign of broader economic strain. Sherwin-Williams, one of America’s most iconic paint and coatings companies, announced that it will temporarily suspend its 401(k) matching contributions for employees beginning October 1st. The move, revealed in an internal memo from CEO Heidi G. Petz, underscores how deeply tariffs, inflation, and slowing demand are reshaping the corporate landscape and workers are feeling the pinch.
Why the Cut?
According to Petz, Sherwin-Williams is facing a “perfect storm” of economic headwinds:
Housing market slump: With mortgage rates sitting near historic highs, home sales and renovations have slowed dramatically. For a company tied to housing and DIY projects, this has meant years of weakened demand.
Inflation pressures: For three straight years, consumers have pulled back on discretionary spending, including home improvement.
Tariff-driven costs: Raw materials for coatings, often sourced from China, have become more expensive due to trade policies. The American Coatings Association has warned that alternatives simply don’t exist in the U.S. manufacturing base.
The company had been matching 100% of the first 6% of employee 401(k) contributions, a benefit that provided long-term stability for workers’ retirement planning. That support will now disappear, at least for the near future. This isn’t the first time Sherwin-Williams has cut back on benefits during crises the same thing happened during the 2009 financial crash and again in 2020 during the pandemic. In both cases, full matching was eventually restored, but this time the company has not given a clear timeline.
All I know is with voluntary buyouts earlier this year, hiring freezes, and restructuring, it’s clear that workers are being asked to shoulder a growing share of the financial burden while the company tightens its belt. I think they is signal the the U.S. labor market is slowing sharply. Job openings fell to 7.2 million in July, down from a record 12.1 million in 2022.Hiring growth has dropped to less than half the pace of 2023. In this environment, losing retirement contributions feels especially harsh for employees who may already be nervous about job security.
I hate to see it and keep telling myself to prepare for the worst...
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Earlier, all the government employees in our country used to get pension after retirement, but now things have been changed and two options have been put in place here. Either people are given some money and then later they do not get any money from the government account, or some people who select it, they get money for the rest of their lives as long as they are alive.
So like a social security
I don't think this has anything to do with tariffs or inflation or any recent economic changes, at least not as a main cause. The company I worked for until recently ended 401k matches a decade ago and it has been becoming more and more common, just as pensions have also been going away. Not sure of the exact causes. Perhaps increasing benefit costs elsewhere (e.g. medical insurance) are having an impact.
They want and need profit for shareholders and executives that's it. This is late stage capitalism those in power will drain the system while thos who are not suffer that's it
That's so unfair... It seems the west is not really going well nowadays
It's not great here workers need to teach these companies who's boss. If an entire companies workers went on strike there's no company. Get the leaders out of there.
That's true and I think the same that's why I tried get my colleagues to rebel some years ago, but failed they didn't want to... Workers need to stay togheter too
https://www.reddit.com/r/antiwork/comments/1nbhjsm/sherwin_williams_workers_worldwide_are_losing/
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Yikes, that is scary. Makes me a bit nervous about what might happen with my pension. I guess I am still good for a bit, but it's still kind of scary.
When they start attacking educators and educator benefits we are cooked. It's wild what companies get away with I'd love for all their works to just stop and ask executives to cut their pay since that's the leadership that got them in this place. Works can bankrupt a company in weeks.
Yeah, it's already heading that way. They still don't have a budget and they are talking about gutting the school aid fund and sending a huge portion of that money to colleges and universities. Which is stupid since they are able to charge tuition and we can't. I have a feeling there are going to be a lot of cuts coming soon and everyone is going to point the finger at everyone else. I've already hear people who lean right saying the governor is going to use this to push her agenda when really it's just something that should be done anyway. They always have to spin it though.
That’s really tough news for the employees. Losing the 401(k) match not only affects their retirement savings but also shows how much pressure companies are under right now. It feels unfair that workers always end up carrying the biggest burden when times get hard.
It really is unfair I'm sure executives are still getting paid well...
I actually think it is because they are not really paying close attention to their financial freedom
It's true workers are struggling and companies take advantage
Workers have the savings they receive here and they spend their lives on the rest
It's tough out there
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