Masonry Magazine January 1970 Page. 50
"New Look" on Wilshire Blvd.
Construction is underway on a "new look" Wilshire Center office building development by Ketchum, Pock & Tooley, investment builders, in association with Marsh & McLennan. The structure incorporates decorative and colorful brick exterior with an adjoining "vest pocket" park. The distinctive $8-million, 12-story building was designed by Langdon & Wilson Architects. It is expected to become the showplace of the area and will be known as Wilshire Plaza. It will be located at the northeast corner of Wilshire and Berendo. Nestled alongside will be the mini-park, serving as a restful hideaway from the busy Wilshire Center area. Construction is by C. L. Peck Contractor on one of the largest single land holdings fronting on Wilshire Boulevard. Completion is scheduled for January 1971.
Deferred Wage Statistics
The median wage increase falling due in 1970 under contracts currently in force is 17.1 cents an hour, according to a study just released by The Bureau of National Affairs, Inc. (BNA). The increase is the highest in the thirteen years BNA has been compiling deferred wage increase data, and represents a gain of 2.7 cents over deferred increases falling due in 1969.
The BNA study covers 4,179 contracts providing deferred wage or fringe adjustments, compared with 3,665 such contracts examined a year ago. The total number of contracts specifying deferred wage changes was up 330 over last year. Each contract covers 50 or more employees.
Deferred increases will continue to carry weight in negotiations in the year ahead, according to BNA. In addition, provision in some contracts for cost-of-living increases or escalator clauses will continue to boost wage adjustments above the amounts designated as deferred wage increases.
The construction industry continues to play a leading role in deferred wage gains. Increases coming due in 1970 are at an all-time high of 50.5 cents an hour, compared with 40.0 cents in 1969. Excluding construction settlements, the overall median adjustment drops 2.0 cents, to 15.1 cents an hour.
In the area of deferred fringe revisions, changes in insurance provisions continue to show the greatest frequency, appearing in 505 of the 4,179 settlements covered by the study. Pension, vacation, and holiday provisions-in that order-follow in the frequency of change. This same sequence was noted in revisions over the past two years.
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MACHINERY COMPANY, INC. METUCHEN, N. J.
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masonry • January, 1970