Business: The Crunch That Stole Christmas

AS the annual crop of desktop evergreens and water cooler wreaths attest, Christmas permeates every branch of the workaday world. In this holiday season, however, office parties, business gifts, Christmas cards to customers and year end bonuses to employees are not as pervasive as in previous years. Caution about the economy, confusion over Phase 11, and a generally rising level of employee sophistication have combined to produce a crunch that is taking away those Christmas extras.

The policy on bonuses has not been fully defined by the Pay Board in Washington....

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