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Prudential Insurance Co.

Prudential Insurance Co. The Prudential Insurance Co. of America settled with the Food and Commercial Workers on a 2-year contract covering about 15,000 sales agents in 35 States and the District of Columbia. According to the company, the pact raised wages and benefits an average of $50 over the term.

Other provisions included quarterly lump-sum payments totaling $1,471, beginning with a payment calculated at $23 a week in the first quarter, progressively declining to a final payment calculated at $6 a week in the final quarter; pension rate increases ranging from 9.4 percent to 100 percent, depending on the employee's years of service and average earnings at retirement (the Social Security offset was cut to no more than 50 percent); full health insurance coverage of expenses up to $25,000 a year (formerly $10,000), and 80-percent coverage of expenses over $25,000, reverting to full coverage after the employee's out-of-pocket cost exceeds 1,000 to $2,000, depending on the employee's earnings; a new compensation system with more emphasis on productivity and less on flat salaries; and a joint labor-management committee to assess the need to establish child care and paternal leave.
COPYRIGHT 1990 U.S. Bureau of Labor Statistics
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Developments in Industrial Relations; Prudential Insurance Co. of America labor contract
Author:Cimini, Michael H.
Publication:Monthly Labor Review
Article Type:column
Date:Feb 1, 1990
Words:196
Previous Article:Nynex settlement.
Next Article:A&P settlements.
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