Word: wage
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Dates: during 1950-1959
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...currency, drained the treasury, piled up nearly a $2 billion deficit in overseas trade, and almost pricepegged Brazil's No. 1 product out of the U.S. coffee market. Driving desperately to win back working-class support for the 1954 congressional elections. Vargas recently doubled Brazil's minimum wage, despite ominous growls by the army and warnings that the inflation-riddled economy could not stand...
...board chairman and executive committee chairman of the new corporation, Nance has a top executive team that agrees with his own economy-minded approach. Studebaker's bosses have already started the ball rolling by persuading 8,500 workers at their South Bend plant to accept a 14% wage cut (TIME, Aug. 23). Jim Nance & Co. will :need every additional economy they can find. In 1954's auto race,* the Big Three have gobbled up 94% of the market, given notice of an even faster pace...
...benefits were higher, and an antiquated seniority clause had cost the company $789,000 in the first four months of 1954. Obviously something more would have to be done. Horvath & Co. were convinced, and in 26 meetings and 150 negotiating hours, hammered out a new contract calling for a wage cut. Said Horvath: "This was the hardest thing that we labor leaders ever had to do." But when a meeting of local members was called a fortnight ago, unexpected opposition to the plan popped up. Horvath was greeted by jeers and catcalls, and the new contract was turned down...
...half a dozen petitions, each bearing 75 to 100 signatures and asking for reconsideration of the proposal, landed on his desk. He called an emergency session of his 20-member executive committee, and another membership meeting was scheduled. When the rank-and-file turned out to vote on the wage cut last week, their changed temper was obvious. Warned one opponent: "This is a deal you're going to have to live with for a long time." Replied a heckler: "At least we'll be living...
...wage-cut vote was good news for the company, Studebaker had some even better news for its workers. With costs lowered the company plans to put present employees, now working about halftime, on a 40-hour week. And next year's cars, said Hoffman, will not only be flashier and more powerful, they will be about $100 lower...