Aerospace settlements Essay

Production of f-16 fighter planes resumed at General Dynamics Corp.’s Fort Worth, TX, plant after members of the Machinists union
ratified a 3-year contract to end a 2-week strike. Under the contract,
the 6,400 workers will receive annual bonuses in the first and second
contract years each equal to 4 percent of their earnings during the
preceding 12 months, followed by a 4-percent pay increase in the final
year.



Other terms included continuation of the provision for automatic
quarterly cost-of-living pay adjustments; an increase in the pension
rate to $16 (from $14) a month for each year of credited service
effective immediately and $18 on August 1, 1986, applicable to all
workers retiring after the effective date of the contract; a 12th annual
paid holiday; improved medical and dental benefits, including a free
generic prescription drug program; and a new joint committee to
determine training and job changes needed to implement changes in
technology.

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Lump-sum payments in lieu of wage increases also were a feature of
a settlement between Martin Marietta Corp. and the Auto Workers for
3,500 workers in Denver, Baltimore, and Orlando (FL). In the first year
of the 3-year contract, workers will receive a payment equal to 4.5
percent of their earnings during the preceding 12 months, followed by a
second-year payment of 3.5 percent of earnings, and a third-year
specified wage increase of 3 percent.

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