Caterpillar has pioneered two-tier wage systems, in which workers hired after a certain date are consigned to a significantly lower wage scale than others, and it recently pressed its longer-term employees into accepting a six-year wage freeze. Many Caterpillar workers ask why the company insisted on a pay freeze when it reported repeated record profits — $5.7 billion last year, amounting to $45,000 per Caterpillar employee. Caterpillar’s chief executive, Douglas Oberhelman (whose compensation has increased more than 80 percent over the last two years), says the freeze was vital to keep wages competitive with rival companies. “I always try to communicate to our people that we can never make enough money,” he recently told Bloomberg Businessweek. “We can never make enough profit.” nytimes/2013/07/28/sunday-review/fighting-back-against-wretched-wages.html
Posted on: Mon, 29 Jul 2013 21:19:45 +0000
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