Socialist Worker

Low pay misery

Issue No. 1685

Low pay misery

WORKERS in the manufacturing industry got the lowest pay rises for over 20 years at the end of last year. A survey by Pay Data Bank for the bosses' CBI organisation showed manufacturing workers received pay rises of just 2 percent in the last three months of last year.

Merged on the dole

  • THE GIANT Unilever corporation announced on Tuesday that it is to slash 25,000 jobs. Unilever produces a huge amount of products from food to paint and washing powder. Its bosses want to cut 10 percent of the firm's global workforce, threatening 100 plants. Unilever chair Niall Ferguson declared, "We have said that the job losses will lead to significant revenue growth." So workers' lives will be wrecked for bigger profits.
  • STEEL GROUP Corus, formed four months ago after British Steel and the Dutch company Hoogovens merged, is to sack 2,000 to 3,000 workers over the next two years. As part of the jobs massacre the company is to close its medium section mill at Shelton, throwing 800 workers on the dole.
  • SOME 4,000 workers will lose their jobs after the insurance group CGU and the Norwich Union signed a �20 billion merger deal. The new merged company will become the world's sixth biggest insurance company. Share prices soared by more than 6 percent last Friday at the news of the impending merger. The job cuts come on top of the 18,000 job losses in the Royal Bank of Scotland's takeover of NatWest.

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Article information

Sat 26 Feb 2000, 00:00 GMT
Issue No. 1685
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