Word: pensiones
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...weapon, innocuously labelled the "corporate campaign," uses labor's pension and shareholder power to forcefully alienate corporate and financial supporters from uncompromising corporations. And his target happens to be the monstrous textile manufacturer J.P. Stevens, a corporation Rogers labels "the largest, most ruthless and powerful anti-labor, anti-union corporation in the United States...
...black lines through the company boards they have been forced to leave. He grins sheepishly and says, "We're isolating the company pretty well." The forced exile of Stevens directors began in March 1978 when labor unions, backed by the ACTWU, threatened to withdraw more than $1 billion in pension funds from Man Hanny unless it dumped two of its directors that were also on the Stevens board. Four months later the bank accepted the resignation of Stevens Chairmen James D. Finley and David W. Mitchell. About his resignation Finley said wryly, "You don't stay where...
...sign of the success of the corporate campaign. Corporate leaders are increasingly reluctant to be associated with Stevens, he asserts. In fact, Rogers says the major reason Man Hanny accepted the resignations of Finley and Mitchell was not because it feared the loss of over $1 billion in labor pension funds, but rather because it feared its reputation would be tarnished if it were publicly linked with J.P. Stevens. Banks are especially vulnerable to the corporate campaign, Rogers says, because their success depends on their public images and because "what they control they...
...longer term solution to the pension woes can only be painful to workers and the retired: they will have to pay more, and receive less. As the ratio of retired people to those holding jobs narrows in coming decades, active workers will have to increase their pension contributions. A congressional Joint Committee on Tax study has estimated that individual contributions will nearly double, from this year's $11.3 billion to $21.9 billion in 1984. Cutting back the growth of pension fund benefits in an era of double-digit inflation will be difficult but inevitable. Without some moderate increase...
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...