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Teamsters members exchange wages for profit sharing.

One of the most controversial provisions in the Teamsters national master freight settlement (see Monthly Labor Review, July 1988, pp. 39-40) was first applied when employees of Transcon Lines Inc. agreed to wage cuts in return for a share of possible future profits. About 88 percent of the 3,100 union members bound by the costreduction measure voted for the provision. In addition to possible shares of profits, the union also gained a third seat on Transcon's board of directors and the right to represent workers at any nonunion dry freight companies Transcon may acquire.

Another application of the contract provision was at ANR Freight System Inc. of Denver, co, involving 5,000 employees. It provides for a 15-percent pay cut. If the company's operating costs are 97 percent or less of revenues, the company and the employees will share equally in profits.
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Title Annotation:Developments in Industrial Relations
Author:Ruben, George
Publication:Monthly Labor Review
Date:Nov 1, 1988
Words:143
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