Word: gm
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...increasing unemployment, the wage-price spiral continues. One example: the autoworkers' settlement with General Motors, which will set the pattern for the industry. If inflation averages 8%, the cost-of-living escalator in the new contract will boost the average cost of wages and benefits paid to GM workers from $15 per hour to $20 over three years, for a cumulative raise...
...cars today, and they make a $2,000 profit on them while we're making $700 on little cars. On top of that, they've got Sevilles selling at $5,700 profit per car; we don't have those baubles in our candy store. And GM is the price leader; it's not going to raise its prices $ 1,000 on little cars just so we can break even. We're the underdog, but that means we've just got to do it smarter...
Some details, including the precise size of the wage increase, were withheld until the settlement could be reviewed by officers of the GM locals, meeting in Detroit this week. A local-by-local ratification vote by all members should be completed within ten days...
With auto sales sagging and 85,900 workers already laid off, the union was in no mood for a walkout. GM, benefiting from the successful introduction of its small, front-wheel-drive cars, .was also eager to avoid a shutdown...
...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...