Word: funds
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Dates: during 1930-1939
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Unemployment Insurance. A Federal tax on payrolls will finance the plan. The rate will scale up to 3% in 1938. In any year an employer may deduct up to 90% from his payroll tax for the amount he pays into his State's unemployment insurance fund. The States, within limits, will be permitted to figure out their own insurance plans, but the funds collected must be deposited for safekeeping in the U. S. Treasury. Suggested plan for State adoption...
Four weeks after becoming jobless a man should begin drawing half pay from the insurance fund or $15 a week, whichever is less. This payment should continue from 15 to 25 weeks depending on how long the beneficiary had been previously employed. After 25 weeks insurance payments should end and the unemployed person should go on work relief...
...persons under 65, and earning $250 a month or less, would be compulsory members of a Federal annuity system. Funds for these annuities like funds for unemployment insurance will be raised by a payroll tax: 1% for the first five years, 2% for the next five and so on up to a maximum tax of 5%. The tax will be paid by employers who will deduct half of it from the pay envelope of each employe. Thus a clerk getting $20 a week will at first get $19.90 and a stamp for a 10? contribution to the annuity fund...
...annuities would start until after the system had been in operation five years. The size of the annuities would vary with the number of weekly contributions to the annuity fund. The maximum that any one over 65 would get, after contributing to the annuity fund for 45 years, would be 40% on the first $150 of his monthly wage. Thus if a man works at a wage income of $100 a month for 45 years he will have contributed $1,050 to the annuity fund and his employers an equal amount. The total sum, $2,100, even with 3% interest...
...Designate the individual or agency which shall administer the huge fund...