Illinois plant for the manufacturer Caterpillar have been on strike for a month after rejecting a concession-heavy contract proposed by the company.
Yesterday, workers overwhelmingly rejected a second Caterpillar offer.
According to union officials, the contract “provided no raises, eliminated the defined benefits pension program, weakened seniority rights and required machinists to pay higher contributions for health care.” All of this, at a time when the company is making record profits.
At the same time that it is refusing to give its workers a fair raise, the company saw fit to increase its CEOs pay by 60 percent:
The annual compensation of Caterpillar Inc.’s chairman and chief executive rose 60 percent in 2011, as the company posted a record revenue of $60.1 billion.
Douglas Oberhelman earned $16.9 million in 2011...
The typical American worker would have to work 244 years in order to earn what the average CEO makes in just one year. Over the last 30 years, CEO pay has increased 127 times faster than worker pay.
Originally published on ThinkProgress
by Pat Garofalo
Link: Mega Manufacturer Caterpillar Demands Concessions from Workers after Boosting CEO Pay by 60 Percent | NationofChange
Link: Mega Manufacturer Caterpillar Demands Concessions from Workers after Boosting CEO Pay by 60 Percent | NationofChange
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