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auto companies, as well as developing
joint organizing strategies,” said IMF
director of auto, Ron Blum.
Delegates highlighted increased purchasing
power as fundamental to realizing
sustainable improvements in the
standard of living for workers. These
improvements are also needed for the
development and growth of internal
national markets such that workers can
buy more of the goods they produce.
Collective bargaining coordinated
at the sector and industry-wide level
was identifi ed as an effective way to
make progress, along with establishing
guidelines for wage demands that
account for infl ation and productivity
improvements. JN
Delegates at the meeting
GENEVA SWITZERLAND The IMF has published
a new edition of its “Purchasing
Power of Working Time” report.
The publication shows the working
time needed for the purchase of a range
of consumer items in different countries.
The IMF has based the calculations
on surveys of earnings, taxation
and social security. Comparing wages
in a sector, a country or between countries
is a diffi cult task and a straightforward
comparison of converted currencies
is often meaningless. For this
reason, the IMF has long opted for a
working hour approach.
More than 200 pages of tables,
graphics and explanatory notes covering
72 countries, seven industrial
sectors and some 30 products enable
the reader to do a vast number of
comparisons.
“The Purchasing Power of Working
Time 2004,” is printed in English,
French, German and Spanish. Moreover,
pdf-versions in these languages,
as well as in Italian and Russian, will
be available for downloading under
“Publications” on the IMF website. JN
Purchasing power compared CEE auto meeting
International Metalworkers’ Federation
The Purchasing Power of Working Time 2004
An international comparison
METAL WORLD 8 No 4 • 2004
iImMfF nNews
W W W . I M F M E T A L . O R G
HEALTH & SAFETY
AUSTRALIA / GLOBAL Following protests
on three continents and the release of
damning evidence at a judicial inquiry,
James Hardie Industries backed down
and agreed to enter talks with union
and asbestos victims’ representatives.
The negotiations on how James Hardie
will fund its outstanding and future liabilities
to asbestos victims commenced
on October 1, 2004 and were continuing
as Metal World went to press.
The company became the target of
the Make James Hardie Pay campaign
due to its failure to meet its obligations
to people who are suffering as a result
of exposure to its asbestos products.
James Hardie, once Australia’s largest
producer of asbestos goods, severely
short-changed asbestos victims when
it set up an inadequately resourced
asbestos compensation fund in 2001.
The company then moved its remaining
assets of A$1.9 billion from Australia
to the Netherlands, out of reach
of most of the victims of its asbestos
products. The fund, established with
A$293 million, now faces a shortfall of
up to A$2 billion.
An Australian judicial inquiry that
looked into the shortfall concluded that
the company did not fulfil its responsibilities
to asbestos victims when it
established the fund. The inquiry was
highly critical of the company stating
that it did “mislead” and “has enough
assets to pay”. The Australian Securities
and Investment Commission has
since launched an investigation into
the company’s dealings. The findings of
the judicial inquiry have also been forwarded
to the Securities & Exchange
Commission in the US, the country
where James Hardie now makes most
of its earnings.
Worldwide protests
against James Hardie
Meanwhile, the company announced
on November 22 a nine per cent drop
in profits in the last quarter, admitting
for the first time that product boycotts
by unions, local councils and consumers
were affecting its market share.
The boycotts and industrial bans on
the use of James Hardie products could
widen following the decision taken
on November 24 by delegates at the
Global Asbestos Congress in Tokyo to
endorse the ban.
Despite its continued failure to fund
compensation and its losses in market
share, the company further angered
asbestos victims by disclosing that
it is paying disgraced former chief
executive Peter Macdonald a monthly
consultancy fee of A$76,580. Peter
　
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