Word: agee
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Dates: during 1970-1979
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Production workers, in particular, are expected to continue laying down their wrenches and torches as soon as they can, for an understandable reason: the labor is physically wearing. The Oil, Chemical and Atomic Workers union has fought hard to negotiate pension plans specifying a "normal" retirement age of 60, and that is the actual average age of its members who retire...
...numbers will be small. As companies have made retirement benefits more generous, the trend for decades has been toward earlier, not later retirement. For example, at Republic Steel Corp., which has never had mandatory retirement, less than 1% of the 40,000 workers stay on past 65; the average age of retirees is below...
...even when they knew of the change in the law." Pitney-Bowes, Inc., abolished mandatory retirement last April 1. Since then, 105 of its workers have retired on or before their 65th birthday, and only ten have chosen to keep working more than a few months past that age. Singer Co., which long has had a mandatory retirement age of 68, finds so few workers wanting to stay around after 65 that it has not bothered to count them...
...insurance for older workers may rise, but that will be offset by guidelines that the Department of Labor will issue within three months. They will declare that an employer will not have to pay any more to provide benefits for a worker above 65 than for one below that age; if the same employer contributions buy fewer fringes for the senior employees, so be it. Says one Labor Department official: "We are trying to make it as reasonable as possible for employers to hire and keep on older workers." Salary costs, to be sure, will increase, since workers normally achieve...
About the only vexing problem will be dealing with the employee who wants to keep working after 65 but is failing to do the job. Under the law, he or she can be retired but can then sue, claiming that age was the only reason for the dismissal; the employer will then have to convince a jury that other factors were involved. As a result, bosses are planning to keep a closer watch on their older workers. Paradoxically, they may warn, demote or even talk into early retirement a 63-year-old, say, who is slipping. In the past...