Word: boost
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...wage boost of 3.9%, which would average 9? an hour, reflecting the 3.9% average yearly increase in productivity of U.S. manufacturing and farm workers between 1947 and 1956 (although last year's productivity went up only 1.6%). Cost to G.M.: $63 million. ¶ Better unemployment benefits totaling, together with state benefits, 80% of take-home pay for a full 52 weeks. Auto-workers now get 65% for the first four weeks and 60% thereafter for a maximum of 26 weeks...
...told. Reuther's proposals would boost autoworkers' wages and benefits by 35? to 45? an hour (not counting the bonus), almost twice as much as the 21? package the union won in 1955. Said Reuther: "It's the biggest package ever...
...Dead Serious." G.M. countered by calling for a continuation of the present contract, which would provide a flat 6% yearly wage boost, no additional benefits and no profit-sharing. Automakers speculated that Reuther himself has little hope of winning a profit-sharing agreement, is only using it as leverage in the main fight for a hefty wage raise, despite all his "dead serious" talk of finding "a way by which wage earners can achieve their equity, their measure of social and economic justice." Reuther may even have trouble gaining much of a pay boost. With skidding sales, the industry...
...Aeronautics Board finally gave the U.S. airline industry an E.T.A. last week for its general passenger fare investigation. Estimated Time of Arrival: February 1959, nearly six years after the study was proposed. Grimly, alphabetically, twelve lines have uttered millions of words trying to prove that they need a 20% boost in air fares, especially now that they must raise $2 billion for new jet fleets. Before this simple message even reaches CAB's examiner next summer, it will total some 20,000 pages, not counting exhibits. Then it will take another six paper-strangled months before a decision...
What worries the industry is that by the time red-taped CAB gets around to deciding on a fare boost, so many lines may be in such serious financial shape that they will have trouble competing. Though the industry recently got an interim 6.6% fare increase, it will only boost the 1958 profit margin to 2.6%, far less than is needed to pay for jets. Domestic carriers still need $600 million, but simply cannot make the healthy profit needed to attract bank financing. Wall Street is just as cool to equity financing: common stocks of the twelve lines are selling...