Other terms included continuation of the provision for automatic quarterly cost-of-living pay adjustments; an increase in the pension rate to $16 (from $14) a month for each year of credited service effective immediately and $18 on August 1, 1986, applicable to all workers retiring after the effective date of the contract; a 12th annual paid holiday; improved medical and dental benefits, including a free generic prescription drug program; and a new joint committee to determine training and job changes needed to implement changes in technology.
Lump-sum payments in lieu of wage increases also were a feature of a settlement between Martin Marietta Corp. and the Auto Workers for 3,500 workers in Denver, Baltimore, and Orlando (FL). In the first year of the 3-year contract, workers will receive a payment equal to 4.5 percent of their earnings during the preceding 12 months, followed by a second-year payment of 3.5 percent of earnings, and a third-year specified wage increase of 3 percent.
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|Publication:||Monthly Labor Review|
|Date:||Feb 1, 1985|
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