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Wage Reductions

BUSINESS
August 16, 2002 | From Reuters
US Airways Group Inc. has asked its mechanics to absorb an initial wage cut and other concessions to speed its bankruptcy restructuring and boost its chances of getting government-backed loans, the mechanics' union said. Mechanics and others who earn more than $14.42 an hour would take a 6.8% wage cut upfront, according to a US Airways proposal revealed by the International Assn. of Machinists.
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BUSINESS
June 21, 2002 | Reuters
Directors of United Airlines parent UAL Corp. approved an agreement with pilots that includes 10% pay cuts and other givebacks as part of the financial recovery plan for the struggling airline. United said it expected to save about $520 million over three years from the pilot wage reductions. The board also approved the terms of cuts for salaried and management employees. United also said talks were continuing with US Airways Group Inc. about a possible code share.
BUSINESS
June 30, 2001 | Reuters
Hewlett-Packard Co. said it was asking employees, including Chief Executive Carly Fiorina, to either take a pay cut or use up accrued vacation days as part of cost-cutting efforts to help the computer and printer maker contend with a slowdown. "It's a 10% pay cut or eight paid vacation days," said HP spokesman Dave Berman. The program is voluntary, and employees can elect to take a pay cut lower than 10% or to surrender fewer than eight vacation days, he said.
BUSINESS
May 31, 2000 | LOREN STEFFY, BLOOMBERG NEWS
Dell Computer Corp. founder and Chief Executive Michael Dell's pay tumbled 85% to $16.6 million as the No. 1 direct seller of personal computers wrestled with its worst performance in six years. Michael Dell's total compensation for the fiscal year ended Jan. 28 fell from almost $109 million a year earlier, the company said. The bulk of the decline came from fewer stock options.
BUSINESS
December 6, 1996 | From Bloomberg Business News
Tele-Communications Inc. said it is cutting 2,500 jobs, or 6.5% of its work force, and freezing or reducing salaries for up to 100 senior managers, including Chairman John Malone. The nation's largest cable television operator said that in an effort to cut costs it also is reviewing expenses in its 1997 budget that aren't directly related to serving its 14 million cable TV customers.
BUSINESS
May 29, 1994 | STUART SILVERSTEIN, TIMES STAFF WRITER
Confident that landing a job at a utility company would mean long-term financial security for his family, John Ortiz joined Southern California Edison three years ago even though it meant taking a pay cut. Ortiz, trained as a diesel mechanic, figured he would make up the lost wages in a couple of years and eventually earn far more than he could have in his old job.
SPORTS
September 14, 1993 | T.J. SIMERS, TIMES STAFF WRITER
Wide receiver Henry Ellard of the Rams is probably in the final year of his football career, and he doesn't know it. Ellard, one of 33 players in NFL history to have caught more than 500 passes, will earn $850,000 this season. When the season ends, Ellard will become a free agent and, based on the recent off-season's payoffs to free agents with his credentials, he expects to become a millionaire. "No way," said an official from one NFL team. "Salary cap.
NEWS
April 21, 1993 | CONSTANCE SOMMER, TIMES STAFF WRITER
Government programs to retrain laid-off workers from defense firms and other industries help most participants find new jobs but often at lower wages than they had been earning, labor experts told a House panel Tuesday. Officials told the subcommittee on Labor-Management Relations of the House Committee on Education and Labor that workers who enter retraining programs do not fare significantly better in the job market than those who receive only job search assistance.
NEWS
March 20, 1993 | LARRY GORDON, TIMES EDUCATION WRITER
Despite passionate pleas that another sharp fee increase will close the University of California's doors to many students, an unusually divided UC Board of Regents voted Friday to raise fees by $995, or 33%, for next fall and to temporarily cut employees' pay by 5%. As a result, average fees for a UC undergraduate who is a California resident will be $4,039 in the 1993-94 school year.
NEWS
March 13, 1993 | LARRY GORDON, TIMES EDUCATION WRITER
Students would see their basic fees rise by $995 next fall while faculty and staff would take a temporary 5% pay cut in 1993-94 under an emergency budget for the nine-campus University of California system proposed Friday by UC President Jack W. Peltason. After the hike, undergraduate fees for state residents would average $4,039, not including room and board--representing a 33% rise over this year and 150% over the past four years.
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