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The Little Steel Formula is a wage calculation method used during labor negotiations, primarily in the steel industry, which sets wage increases based on the cost of living and other economic indicators.
The Board quickly adopted the so-called Little Steel formula for war time wage changes, i.e., based on a 15-percent rise in living costs from January 1, 1941, to May 1, 1942. In September 1942, the President was given the authority to stabilize wages and salaries, based on September 15, 1942 levels.
15 paź 2024 · Little Steel Formula. The World War II War Labor Board introduced the "Little Steel formula"' which tied the cost of living to wage increases "as a stabilization factor." Source: U.S. Department of Labor. More...
the Little Steel Formula, although the Stabiliza-tion Act provided for extraordinary wage in-creases in cases of shortage, and such increases were granted in other cases. Moreover, the operators resisted increases.' Friedman argues that the percentage increases in the wage rates of nonunion coal miners exceeded those of
"Little Steel" formula which allows wage increases up to 15 percent to restore purchasing power lost through cost-of-living increases between January 1, 1941, and May 1942, the time of the President's message to Congress outlining the wage-stabilization policy. In cases involv- ing union security, the Board ¿continued to grant "maintenance of
In July 1942, two months after General Max had been issued, the War Labor Board established its "Little Steel" formula, ordering the Bethlehem, Republic, Youngstown, and Inland Steel corporations to raise wages so as to match the 15 percent increase in living costs that had taken place between January 1941 and May 1942.
The owners of “Little Steel”—the moniker given to US Steel’s competitors Republic Steel, Youngstown Sheet & Tube Company, and Inland Steel—and their pawns in state and local government, met the workers with savage violence, killing 18, including 10 at the notorious Memorial Day Massacre of peacefully demonstrating strikers gunned down ...
