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Stock exchange workers settle, avert strike.

The New York Stock Exchange settled with 1,300 members of the Office and Professional Employees union minutes before the workers were scheduled to start their first strike against the exchange since 1948.

The union did not win its demand for lifetime job guarantees for employees with at least 17 years of service, but the 3-year contract does establish a plan to help counter the loss of 300 jobs expected to result from increased automation of trading operations. The plan provides for spreading the available work by converting employees with less than 10 years of service to a 4-day workweek at 80 percent of their previous weekly pay. To some extent, the loss of jobs could also be alleviated by a 1-hour increase in the trading day being considered by the exchange.

Other terms included 5-percent annual pay increases, retroactive to the November 1984 termination date of the preceding contract, and a 25-percent increase in severance pay. According to the exchange, pages and reporters average $560 a week and floor workers with 7 years of experience earn almost $30,000 a year.
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Author:Ruben, George
Publication:Monthly Labor Review
Date:Aug 1, 1985
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