Big shots take hard knocks in wage curbs across firms
The article reports organized labour’s rejection of wage concessions while employers cut salaries and benefits. Massey Ferguson defers 20 percent for salaried staff and trims top executives by 25 percent for three months, with a six million dollar saving projected. MacMillan Bloedel freezes office pay and cuts management salaries. Consolidated Bathurst reduces senior and middle managers’ pay. Bell Canada trims salaries and benefits for about 1250 management staff amid weaker demand and rising bankruptcies.
MENTIONED IN THIS ARTICLE
Massey Ferguson Ltd
Massey Ferguson
Peter Lowry
MacMillan Bloedel
Vancouver
Consolidated Bathurst Inc
Oscar
Fraser Institute official: controls won’t fix economy
Dr Michael Walker says wage and price controls ignore union power and won’t address the economy’s core problems. He cites unions keeping high wages for retained workers and sacrificing newer members. He advocates continued responsible monetary policy as the real inflation remedy.
MENTIONED IN THIS ARTICLE
Toronto
Fraser Institute
Michael Walker
Bank officials urge tax limits and restraint to curb inflation
Royal Bank of Canada chair Frazee urged seven percent wage growth cap and new tax measures to spur domestic and foreign investment as inflation runs about 11.3 percent. Other bankers echoed calls for fiscal restraint. Finance Minister MacEachen said spending cuts will be considered in a forthcoming economic plan.
MENTIONED IN THIS ARTICLE
Ottawa
Rowland
Frazee
Royal Bank of Canada
Commons Bank Profits
Russell Harrison
Imperial Bank of Commerce
William Mulholland
Bank of Montreal
Commons
Allan MacEachen
Don Blenkarn
MacEachen
Bank faces record loan losses amid rising defaults
Royal Bank of Canada chair Rowland Frazee told MPs the bank expects about 500 million in loan losses and 1.2 billion in non productive loans in 1982, the largest since the 1930s Depression era, with adequate capital and no panic among managers.
MENTIONED IN THIS ARTICLE
Juliet O'Neill
Ottawa
Royal Bank of Canada
Rowland Frazee
Commons
The
Royal
Frazee
Also Mentioned on This Page
Medicine Hat News
ED Simon
Reo Meeooo
Dunmore Road
Stangeland
Aurele Ferlatte
Canadian Paperworkers Union
Bell Canada
Kida
the Birthday Club
Monarch Theatre
Samantha Elliott
Bonnie MacPherson
Cindy Leibel
Jennifer Palicka
Patricia Flemmer
Keith Wilson
Medicine Hat News Birthday Club
S.E
Medicine Hat
Alberta
City OF
Council of the
L.P. Godin City Clerk
City OF Medicine Hat
Balmoral Street
Cambridge Street
Maple Avenue
S.W
Minister of Municipal Affairs
Province of
D.R. Barnes
Province of Alberta
Local Authorities Board
A.D
Medicing
the Royal
Commons Finance Committee
Robin Corn
Medicine Hat and District
Lancaster
Royal Canadian Legion
Lee Bussard
Wetaskiwin, Alberta
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