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PENSION BENEFIT GUARANTEE CORPORATION – A Federal Corporation which guarantees that vested participants in private pension plans will receive some pension benefits some girl are just born with texas in their souls vintage poster even if a pension plan becomes bankrupt. PATTERN BARGAINING – Collective bargaining in which the union tries to apply identical terms, conditions, or demands to a number of employers in an industry although the employers act individually rather than as a group. PAST PRACTICE – An unwritten, repeated application of a work rule or policy over a period of time that is known and accepted by both labor and management but does not appear in the written contract. Past practice is used by arbitrators to judge how a contract term has been interpreted at the workplace when the language of the agreement is ambiguous.
OFFSHORING – Offshoring means having the business functions of a company done in another country. Most often, work is offshored in order to reduce labor expenses. Companies also justify offshoring for strategic reasons — to enter new markets, to tap talent currently unavailable domestically or to overcome regulations that prevent specific activities domestically. Such a practice is often criticized for transferring jobs to other countries. Other risks include geopolitical risk, language differences and poor communication etc. With the growth of IT-enabled services, there has been a dramatic increase of offshoring. Former General Electric CEO, Jack Welch allegedly once stated that “Ideally you’d have every plant you own on a barge” – ready to move if any national government tried to impose restraints on the factories’ operations, or if workers demanded better wages and working conditions. The rationalized economic logic of this statement was that factories should float