Word: hiked
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Dates: during 1950-1959
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...automakers countered by putting on more pressure for an immediate two-year extension of the current contracts. They warned that some 600,000 U.A.W. members covered by the Big Three contracts will not get their annual 2½% wage boost (averaging 7?an hour) and cost-of-living hike (averaging 2?), due on June 1, unless and until the union signs a contract. In the past, whenever the U.A.W. won a raise, the companies also raised nonunion and salaried employees the same amount. This week the Big Three automakers gave 2½% wage boosts and cost-of-living hikes...
...indicate how much of a raise hike was likely, and added that such increases are not announced officially until the fall. Dean Bundy explained that the exact amount of the raise would depend upon "the price of food and the price of help." Board costs rose $15 in the fall of 1956, and $24 in the fall...
...walkout led to a rash of bloopers perpetrated by their amateur replacements (TIME, April 21), voted at week's end to go back to work at cameras, mike booms, control panels. Some 1,300 members of the A.F.L.-C.I.O. International Brotherhood of Electrical Workers won an 8.8% pay hike in two step-ups (to a base wage of $190 a week next year), plus an assurance from CBS that video tape-the instant TV recording medium feared by the union as a major job threat-will be handled for the network only by I.B.E.W. men. After twelve days...
Labor unions, says Allen, "introduced undesirable rigidities into our cost structure" with the automatic cost-of-living hike that makes about 4,000,000 workers eligible for wage increases in 1958. Employers in turn "accepted such rigidities so long as selling prices could be increased without reduction of markets." Now the situation has changed. "We have had several months of declining industrial production. And the decline in business volume is conspicuous in those industries which set the fashion of long-term wage contracts with assured annual increases." What is needed are sharp price cuts. But instead, some industries have actually...
...prices 2? per Ib. to 24?, thus undercutting all free-world competition. No one was more surprised than the three dominant U.S. producers-Alcoa, Kaiser and Reynolds-who expected to maintain the price of primary aluminum at 26? per Ib., perhaps even raise it because of an impending wage hike. Yet within 24 hours, the top brass of each company hastily gathered, and one by one cut their price to 24? per Ib., announcing that "we will meet the competition...