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SIXTH DRAFT
- 10 -
for tusness as a whole to quant
existing price structure for increases in wage rates.
A
And if all of us would approach the problem in a spirit of
reasonableness and give-and-take - if we would sit down together and try
to determine how much increase a particular company or industry could
allow at a particular time - I think most businessmen would agree that
Mage inneases are possible.
Many of them, in fact, have already negotiated substantial wage increases
TRINGS
"NATIONAL AND
without asking for any increase of prices.
REGORDS
I brien that
E
SERVIBE*
There are several reasons why industry as a whole can afford
1
substantial wage increases without price increases.
First, the elimination of the time and a half for overtime has
rate during the war was
reduced labor costs per hour.
For example, a man whose basic wage is $1
A
an hour and who worked during the war for 48 hours a week was paid $1 an hour
for the first 40 hours and $1.50 an hour for the other eight. That meant
that the average hourly cost to the employer was not $1 but $1.08. When
that man goes back to a 40-hour week, he gets no more overtime pay and
therefore his average hourly earning drops down to $1.00. The employer,
therefore, has saved 8 cents on everyhour's employment. He can therefore
casily afford to increase the wage rate by 8 cents an hour without any
material loss to himself.
7
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"ocrText": "SIXTH DRAFT\n- 10 -\nfor tusness as a whole to quant\nexisting price structure for increases in wage rates.\nA\nAnd if all of us would approach the problem in a spirit of\nreasonableness and give-and-take - if we would sit down together and try\nto determine how much increase a particular company or industry could\nallow at a particular time - I think most businessmen would agree that\nMage inneases are possible.\nMany of them, in fact, have already negotiated substantial wage increases\nTRINGS\n\"NATIONAL AND\nwithout asking for any increase of prices.\nREGORDS\nI brien that\nE\nSERVIBE*\nThere are several reasons why industry as a whole can afford\n1\nsubstantial wage increases without price increases.\nFirst, the elimination of the time and a half for overtime has\nrate during the war was\nreduced labor costs per hour.\nFor example, a man whose basic wage is $1\nA\nan hour and who worked during the war for 48 hours a week was paid $1 an hour\nfor the first 40 hours and $1.50 an hour for the other eight. That meant\nthat the average hourly cost to the employer was not $1 but $1.08. When\nthat man goes back to a 40-hour week, he gets no more overtime pay and\ntherefore his average hourly earning drops down to $1.00. The employer,\ntherefore, has saved 8 cents on everyhour's employment. He can therefore\ncasily afford to increase the wage rate by 8 cents an hour without any\nmaterial loss to himself.\n7"
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