Time to look for another Job.
My son is a machinist.
In his area there are a lot of shops looking for help.
Good luck for a 70-year-old in getting a job.
Seems to me like the guy, when he bought the business, had his own ideas (unfounded) when he decided on his own how long it takes to do a particular job. Got a similar problem in the auto repair industry, too. There are some hooror stories I’ve heard about pay.....not so much about WHEN you’d be paid, but how much a particular job paid. Glad now that I am retired & away from this crap.