Ontario Hydro announced it would cut 4,500 jobs by the end of 1993. That was on top of 1,500 announced in 1992. The new cuts would he achieved mainly through generous voluntary buyouts or early retirement packages. Ontario Hydro chairman Maurlce Strong said nobody liked making cuts, but he said the situation required tough action. (There was some good news. Hydro rates were frozen for a year, and held to the cost of inflation or less for the rest of the decade. Ontario Hydro had increased power rates about 30 per cent over the previous three years to help it escape from more than 30-billlon dollars of debt.)

Date: 1993-03-08
Placeline: TORONTO, Ontario.
Source: The Canadian Press
Length: 20 seconds

Transcript Prediction: << it is a situation of that requires action I think you know that all of our Ontario Hydro family of employees knows that customers know that and we have heard that message loud and clear change is not an option >>

Earbank_1993-03-08_Ontario-Hydro_1344