Exact(20)
Take wage and benefit cuts.
Most workers would have to take wage cuts starting May 1 of 16 percent to 17.5percentt off current base salaries.
But until quite recently pay has tended to be "sticky" on the way down: workers have generally been reluctant to take wage cuts, at least in nominal terms, which has made real-wage adjustment slow.
But the bail-out bill foundered in the Senate after the UAW declined to take wage cuts in 2009, preferring to see out the remainder of the current contract, which expires in 2011.
"It will take wage growth of at least 3.5% to 4% for workers to begin to reap the benefits of economic growth – and to achieve a genuine recovery from the Great Recession".
The logic is that workers in the euro zone will not take wage cuts or losses on savings, so overpaid or overleveraged members of the single currency area cannot hope to restore normalcy.
Similar(40)
The Greater London Assembly insists an hourly wage rate of 22 per cent above the national minimum wage is needed just to take wage-earners in London out of poverty, but senior industry figures believe a widespread living wage policy in an economic downturn would be irresponsible.
Take wages.
Part of this is that unions attempt to take wages out of competition between firms.
This year's conference focused on how the rise of China, India and other countries is reshaping the world economy.Take wages.
He wants to "take wages out of competition" by having "national relationships with national firms and global relationships with global firms".
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