Business & Finance: Bonus for Quitting

Because the number of telephone calls in New York City fell from a daily average of 7,950,000 in February 1937 to 7,550,000 in February 1938, New York Telephone Co. last week found itself with a surplus of workers. Instead of laying off some employes, the company offered a bonus of "one week's pay for each year's service, in addition to vacation pay, to a limited number of the force who do not depend solely on their jobs for income and who may consider the special payment inducement to resign voluntarily at this time."

New York Telephone tried the same scheme in March...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!