Word: costs
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Dates: during 1970-1979
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Both sides compromised on the major issue of increasing pensions to keep up with inflation. At first the union wanted pension payments tied to rises in the cost of living: the company strongly rejected that because of the potential high cost. In the end, the union accepted the company's counteroffer to make periodic increases to help protect pensioners against rising prices. During the next three years, workers under 62 who retire after 30 years on the job will get $800 a month to start. Then they will get two in creases in the first year and further boosts...
...holidays so that more workers would be kept on the job. The company agreed to increase paid days off (not counting vacation) from 12 to 26 during the life of the contract. Pending ratification, neither side would discuss the noneconomic improvements or the size of the increases in the cost-of-living clause and pay rates. One unofficial estimate put the wage increase at between 9% and 12%. At present the combined basic wage rate for all classes of GM workers is $9 an hour; by the end of the contract period that could well have risen...
...even with the bank borrowings lined up by Chairman John Riccardo and cost-cutting measures that have already saved $650 million, Chrysler will still face a cash shortage of $2.1 billion between now and 1982. The company has "some confidence," the report says, that it can raise $900 million, probably through further sales of assets and some breaks on wages, prices, and loans from its unions, suppliers and banks. But the remaining $1.2 billion will have to come from the Government in the form of an immediate loan guarantee of $500 million and a $700 million "contingency" loan guarantee because...
...buttress the pitch for Government aid, the report features a somewhat lurid accounting of what would happen if the company went bankrupt. The total cost to the nation, Chrysler says, would be $16 billion. Some 400,000 workers could not only lose their jobs, but they could also remain unemployed long enough to require unemployment benefits totaling $1.5 billion. As many as 35,000 workers, most of whom are black, could be laid off in Detroit alone. Yet these estimates seem exaggerated, because it is highly unlikely that the company would ever shut down totally. At worst some plants would...
...promise by Charles Kuhn, chairman of Wylain Inc., a Dallas manufacturer of submersible pumps, to begin exporting some of his sophisticated gear to replace the ox-drawn pulleys widely used in rural areas. Samuel Miller, vice chairman of Forest City Enterprises Inc., a Cleveland-based homebuilder that makes low-cost housing units, is considering a joint venture with Egyptian Construction Magnate Osman Ahmed Osman to help alleviate Cairo's chronic housing problems. Several American clothing manufacturers are pondering partnerships to provide new equipment for Egypt's tattered textile concerns. Donald Shorr, a vice president of Hart Schaffner & Marx...