Greece, under the whip of a bailout program engineered by the European Union and the International Monetary Fund, is pushing through unpopular measures like cutting pensions, raising the retirement age and reducing layoff payments and notice.
The Aircraft Mechanics Fraternal Association said 56.59 percent of its voting members rejected the deal, which would have granted them 26 weeks of unemployment benefits, four weeks of layoff pay, and payment of accrued vacation time.
Prior to August, small businesses had never been the biggest source of layoffs, according to employee payment and data firm ADP, which began tracking the figures in 2001.
This result has important implications for employment practices: As an unexpected side effect of the haphazard use of a performance-based payment system, layoffs will increase because firms become less likely to implement wage cuts.
Earlier discussions with city officials, they say, have urged them to accept pay cuts, layoffs, increased worker payments to pensions and even a suggestion that officers might pay for part of their own bulletproof vests — all this while the city has opted not to increase taxes.
Flexible arrangements, layoffs resulting from reduced budgets, and payment mechanisms tied to performance have replaced the ethos of hard work, security and permanence of work.
– Ashwin Seshagiri Velti's Layoffs, Departures and Delinquent Payments VentureBeat | Velti, a mobile advertising company, is losing out as Facebook learns the game.
According to the memorandum that Greece signed with its creditors, the new government must approve 11 billion euros in extra spending cuts that will include broad layoffs and reduced pension payments and wage cuts before it receives its next payout.
Developers and owners who borrowed heavily in 2006 and 2007 to buy projects like Stuyvesant Town and Riverton now face yawning gaps between rental income and their debt payments, as layoffs abound and demand falls.
With unemployment at a record 5.7%, the pressure on Hatoyama to stem layoffs and bolster welfare payments is intense.
