Caterpillar lock out: worker wages slashed in half

US based Caterpillar is sitting on $4 billion in profit for a total of $58 billion in revenue from 2011, but has locked out 500 workers at London, Ontario's Electro-Motive Diesel and demanding they take a 50% pay cut, while eliminating contributions to pension plans and chopping child-care coverage and parental-leave. Meanwhile, Caterpillar CEO and Chairman Doug Oberhelman took home $22.5 million in 2010, as the company's board gave him a stock grant worth $16 million.