Word: contract
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Dates: during 1970-1970
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...years of service can take his $500-a-month pension at age 58; the following year the age limit will drop to 56. New negotiations will open in 1973, and the U.A.W. has a good chance to get an even lower age limit. Thus this year's contract may turn out to be a historic one, leading to a substantial reduction in the retirement age for working Americans...
...this year by the Teamsters, the construction workers and the New York Newspaper Guild. The auto raises are also below the 37% increase over three years that a presidential commission recommended last week for four railroad unionsand that the unions rejected as not enough. But the auto contract provides a new minimum target for other unions to shoot at. Ford and Chrysler will undoubtedly settle on essentially the same terms, and the union will seek to apply the G.M. formula to farm-machinery manufacturers...
...many union leaders, the most important part of the contract was removal of the ceiling on cost-of-living increases. That ceiling had been accepted by the late Walter Reuther as part of the price of ending a strike against Ford in 1967, and he later regretted the decision. Now that the U.A.W. has succeeded in abolishing the ceiling, other unions can muster strong arguments against...
Many of the 540,000 steelworkers, whose contract comes up for renewal next Aug. 1, will expect gains similar to those scored by the auto union. Steelworkers receive pensions of about $300 a month, and no cost-of-living raises. They are now determined to catch up, but will encounter tough resistance from an industry that averaged only 2.7% profits last year. Thus the outlook is for a strike next August, followed by a rise in steel pricesand further increases in the price of cars...
...reported a trading loss of $7.4 million for this year's first half, also is writing off another $108 million in losses it expects to take once the engine goes into production. The company cannot pass the increased costs on to Lockheed because, to win the Tri-Star contract, Rolls-Royce agreed to a price ceiling for the first 600 engines. Thus, on top of development expenses, Rolls-Royce will lose money on each of the first 600 engines manufactured. If the government refused to give more aid, Rolls-Royce could disappear as a major aircraft enginemaker, resulting...