Word: giveback
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...willing to give up rigid work rules that lead to overmanning and inefficiency. The recession may have been a turning point for unions. After rancorous negotiations, workers in both the auto and steel industries agreed to an unprecedented combination of pay cuts, changes in work rules and givebacks of benefits. But wages are still comparatively high. In the U.S., autoworkers at the Big Three companies now average $21.50 an hour in wages and benefits, compared with $12.60 an hour in Japan. Now that the recession is over, the talk in union halls is of catch-up instead of giveback...
...Kennedy and his fellow union leaders ultimately came to the rescue. The Tribune Co. won substantially everything it asked for. Total savings in jobs, over time and other costs: an eventual $50 million a year, the biggest giveback in American newspaper history. Exulted one senior executive: "This is historic. This is the first time a major newspaper has come so close to disaster and averted it by working out a survival operation with the very unions that used to kill papers...
...SUBSIDY GIVEBACK will cost T.W.A. and Pan American Airways $22 million, if the Civil Aeronautics Board follows the recommendation of its examiner. Because of "excess earnings" on profitable divisions between 1946 and 1953, T.W.A. will have to give back the full $8,715,000 in subsidies it got on unprofitable routes; Pan American's excess earnings were put at $13,490,000, but it will have to return only $2,490,000 in cash because CAB still owes it some $11 million in back payments...