WAGE INCREASE

Hokitika Guardian, 9 November 1936, Page 5

WAGE INCREASE

AMERICAN STEEL WORKS _

(United Press Association—Bv Electric Telegraph—Copyright)

NEW YORK, November 7

Led by tlie American Steel Corporation, American corporations have increased the purchasing power of 600.000 employees by vises and ’bonuses. Twenty-four companies simultaneously ordered increased extra dividends, benefiting 300,000 stockholders. The steel workers’ wage increase amounts to -75,000.000 dollars a year, benefiting 500,000 employees. It will be effective on November 16. A sum of 30,000,000 dollars represents the share of tlie United Steel Corporation, the largest, steel unit, employing at present 230,000 workers.

The .steel wageivplan, provides for. \increasefe. of 12 te, 25 per-, cent in .the lowest; | category of cigbour, and increases of(: 10 per , cent , and less higher pp. TV-. average is 10 per cent. ■ The plan" will ,;place hourly earnings 17 per cent above The 1929 United States steel plan. It provides for fluctuation of wagesj, with a cost of living plan new to the steel industry and evidently patterned on the General Electric Company’s plans. The steel wage agreements were signed' liy the* management and the mep, giving the men the status of 'collective bargainers. , Under the Wagner Act';this is significant in view of ,ythe ■ Lewis unionisation drive.