Word: wage
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Dates: during 1950-1959
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...domestic policy achievements of the Administration, he listed "the largest tax-cut ever; the end of wage, rent, and price controls; and a balanced budget in two years out of five...
General Motors has an offer on the table that parallels the economic terms of the Ford and Chrysler settlements--improved layoff pay, a new severance plan, higher pension benefits, and continued cost of living and productivity wage increases...
...Motors and Chrysler were pleased that Reuther had settled so modestly; they hope to settle on about the same terms. Washington was relieved: the contract promised to bring three yeaRs of auto labor peace at a price that Washington thought would add little to inflationary pressure. Ford's wage bill per worker will go up about 4% annually, which could be balanced by industry's gains in productivity, thus should not greatly alter auto prices...
...record $100 billion that U.S. industry invested in new plant and equipment in the past three years is coming into production. Steadily rising labor costs have forced industry into a major drive to produce more with fewer workers, placing new emphasis on automation and efficiency. Last week's wage boosts in Detroit (see State of Business) will accelerate the automakers' drive to cut back. Said a vice president of a major steel company: "Labor fails to understand the fact that the more expensive labor gets, the more incentive there is to eliminate it. It costs...
...spread the work around, unions are clamoring anew for a shorter work week. Steelworkers' Boss David McDonald announced last week that he will press for a shorter week in 1959. Recently, the United Electrical, Radio and Machine Workers offered to pass up an automatic 7% wage boost over the next two years if General Electric Co. would put in a 37½-hour week at 40 hours' pay. G.E. refused, said the offer actually would boost its wage bill by 14%. The union drive for a shorter week will undoubtedly be spurred by the recession-hastened cuts, which...