February 3, 1930, Chicago – In a desperate bid to avoid mass layoffs, over 1,300 city employees, including 320 policemen, agreed to a 15% slash in their weekly pay. The drastic measure was taken to save the jobs of 200 colleagues who were facing the axe due to the city’s financial crisis. The workers, employed by the South Park district, voted unanimously to adopt the ‘one for all and all for one’ policy, sacrificing a $500,000 drop in income to ensure their fellow employees kept their jobs.
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Key Facts
- State: Illinois
- Category: White Collar Crime
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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