Word: wages
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Dates: during 1970-1979
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...victory was written into a new pay-policy agreement concluded by the government and leaders of the powerful Trades Union Congress that aims at slashing Britain's inflation rate (currently 12%) by combining a tough 4½% average limit on wage hikes with a cut in taxes (see ECONOMY & BUSINESS...
Deft Leadership. Although there is little doubt that a special T.U.C. conference, called for next month, will approve the new pay policy, the Callaghan government must exercise deft leadership to ensure that the voluntary restraints are not breached. If the government seems unable to make the wage agreement stick, the run on the pound, which stabilized at about $1.83 last week, could continue. Since this would boost Britain's bill for imported raw materials and food, it could quash London's hope for a real recovery...
Inflation continues to be a formidable threat to the European comeback, but even the price front showed promising news last week. Leaders of Britain's powerful unions tentatively agreed with the government to accept stringent new voluntary wage controls, to take effect...
...accord calls for limiting all wage increases to an average of 4.5%. Under this arrangement, weekly increases for the 40% of the work force earning between $90 and $144 a week will be 5%. No worker's raise will be less than $4.50 or higher than $7.20. The government's part of the bargain is to cut income taxes by $1.7 billion a year...
...chilling effect on his campaign to reform the U.M.W. In four years, the curt, pasty-faced Miller, a 22-year veteran of the mines and a victim of black-lung disease, has accomplished a lot. In 1974 he negotiated the richest contract in U.M.W. history, providing miners a 54% wage-and-benefit increase over three years. He has given members the right to elect board members and district officers, increased the union's safety staff, and lobbied toward passage in Congress a bill liberalizing compensation for black-lung sufferers...