The Economy: A Flexible Guide On Wages

Labor leaders had to swallow some of their more blustery words when they agreed to stay on the Pay Board even after losing the key vote on overall wage standards for Phase II—but it may prove a profitable meal. The board's guiding rule that most future increases should be held to an average of 5.5% looks simple enough, but what it will mean in practice will be determined largely by case-by-case decisions in which labor will be an articulate participant. One thing, however, is entirely clear: the guideline emphatically does not mean that pay...

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