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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (108759)	2/23/2010 11:54:51 AM
From: axial	2 Recommendations Read Replies (3) \| Respond to of 116555

It depends. Usually, you must wait until the contract ends. However, it's a force majeure situation, typically not contemplated by the agreement. If you approach the union and say "Here's the choice: [A] We cut 3,000 workers we can't afford to pay [B] You work with us to find alternative solutions" ... the union picks [B]. That can include work sharing, wage/benefit reduction, overtime changes and so on. The problem often isn't that simple though. Termination usually has costs of its own - short-term costs can exceed the gain. Different strokes in different jurisdictions. There is no universal answer. --- ... Especially when people are reading headlines like this: Wall Street bonuses rise 17 per cent ‘For most Americans, these huge bonuses are a bitter pill and hard to comprehend,' New York state comptroller says theglobeandmail.com Jim