Word: paye
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Dates: during 1960-1969
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...buying in smaller quantities." Inflation-pressed customers are also passing up the higher-priced items. Most stores are posting at least small sales increases over the 1968 Christmas season, but price boosts account for all the gains. In Pittsburgh, where reductions in factory overtime have cut some shoppers' pay, stores have been running cut-price sales in the middle of the Christmas season...
...September, the fourth largest U.S. tiremaker has quietly retired or fired several hundred employees, including one vice president and many middle-aged people who have spent the bulk of their working lives with the company. The dismissals have often been abrupt, impersonal and accompanied by a minimum in severance pay...
...Robert Sausaman, 48, an equipment buyer, recalls that, after 17 years with the company, he was given two weeks' notice and "my bare entitlement" by way of a pension. Robert L. Coon, 56, a staff photographer for 25 years, was given the option of $10,000 in severance pay or a $100-a-month pension. He picked the pension. One executive was offered a promotion and a raise at Goodrich, then fired three weeks later. He chose a cash settlement of $23,000 instead of a $135-a-month pension. Most of the dismissed employees have found other jobs...
...Volcker, U.S. Treasury Under Secretary, framed a compromise. It would permit South Africa to sell a certain amount of new gold to the International Monetary Fund whenever the country's balance of payments was in deficit and the free price sank to $35 or less. The I.M.F. would pay the official price of $35 and could then resell the metal to central banks. The deal would provide a floor under the gold price, and something of a ceiling as well. Since the I.M.F. would buy only a little gold, South Africa would have to sell most of its metal...
Stiff Price. The deal brought an angry response from Congressman Henry Reuss, chairman of the Joint Congressional Subcommittee on International Exchange and Payments. He said that the U.S. "would pay a stiff price for any compromise with South Africa." A floor under the private price of gold, he argued, would encourage speculation by taking the risk out of it, and would possibly tempt foreign bankers to demand conversion of their dollar reserves into gold...