Word: bonus
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Chrysler's workers will receive most of the items on their wish list. Current employees will get an immediate bonus of $2,120, plus a 2¼% raise that will bring Chrysler assemblers up to the wage of $13.34 an hour. Late next year Chrysler employees will get a 2¼% lump-sum bonus and in 1987 a wage boost of 3%. Chrysler's 10,000 Canadian workers, who settled earlier in the week, will receive less lucrative bonuses because their concessions during the bad years were smaller...
...because blue-collar employees felt they were missing their share of the company's bounty. The firm last year had profits of $2.4 billion, and is expected this week to announce hefty third-quarter earnings. Said Reno Pietrantoni, 53, a millwright who has worked 26 years for Chrysler: "The bonus is really a drop in the bucket compared to what we lost over the last five years." By one estimate, Chrysler workers gave more than $15,000 each in wage concessions...
Most people who lose their job receive a final bonus based on the length of time they have been employed. For some this severance pay permits a more comfortable retirement. In the case of Revlon Chairman Michel Bergerac, 53, losing a job was probably the best financial deal he ever made. Last week Bergerac resigned as chairman after Pantry Pride won a three-month fight to control the company. He and eight Revlon board members had agreed to step down to allow for a trouble-free transition to the new owners. Under an agreement worked out with Revlon's board...
...have no sick pay, we have well pay." For each month that a worker is neither late nor out ill, the Minneapolis firm awards an extra two hours of salary. And employees who lose no more than three days a year to on-the-job injuries can collect a bonus...
...money saved on medical-insurance costs, the employees and the company divided $284,000 in the first year of the program. But even programs aimed merely at improving employees' health can reap quick financial benefits. The Speedcall Corp. in Hayward, Calif., gives workers a weekly bonus of $7 for not smoking on the job. A study of the program in its first four years found that the number of smokers fell by 65%, and the number of health-insurance claims filed by those who quit went down by 50%. --By Anastasia Toufexis. Reported by Thomas McCarroll/New York and Charles Pelton/San...