...restart work and take the building to its original planned height, thanks to a historic project-labor agreement between the Building Trades Employers’ Association of New York and the Building and Construction Trades Council of Greater New York. In it, several unions agreed to one-year wage freezes and benefit cuts while also agreeing to no strikes or work stoppages. In return, contractors cut wages and benefits for management and reduced their own profit margins. Project costs were reduced by 16% to 21%.
FCRC declines to provide too many specifics about its agreement. Permasteelisa is participating through a $5-per-hour wage cut, among other concessions.
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